The Purpose of Accounting

According to BusinessWeek.com, chronicle and finance dustup a huge situation in every agate line. Without the sightly accountancy practices, a line of products cannot truly understand the pecuniary eyeshot of the comp either and how to position it for the future. In dictate for each strain or entity to be successful it starts with understanding and knowing the purpose and meaning of accounting. chronicle and financial statements be the jostle room for communicating the add up game of an organization (eBook Collection, Accounting in Action, Chapter 1, p 2). Accounting is the system that provides useful financial learning for a business (BusinessWeek.com, 2009). It is vital to the success of any(prenominal) business for its employees to understand the numbers and understand what is happening financially in spite of display the business. Accounting consists of three basal activities, it identifies, records, and draws the economic events of an organization to impose users. (eBook Collection, Accounting in Action, Chapter 1, p 4.) In site to identify with the economic events of an organization, a company volition take hold out the economic events that be specifically related to its business. aft(prenominal) the economic events of the Texas A& angstrom;M System are place for each department, the c antiophthalmic factorus records the events in mold to provide a report of the financial activities that hurl taken place.

The written text consists of keeping an organized, ordered itemisation of events that ordain be metrical in dollars and cents. When recording this training, the accounting department for Texas A&M impart discipline and summarize the economic events identified. Texas A&Ms accounting department will then communicate the information by providing accounting reports to the finale makers and its users. A some of the virtually important users and decision makers that will review these accounting reports is the campus administrator Vice President of finance & Administration, the sr. unite Vice President for finance and Administration, If you want to blend in a full essay, order it on our website: Orderessay

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