Accounting is the process of identifying, measuring and communicating economic information to permit informed judgement and decisions by users of the information. Effective accounting management provides financial information for managers for decision making process. Planning helps formulate plans for different activities and coordinated these plans into budgeting for the whole business. In addition, controlling produce performance reports that compare actual outcomes with planned outcomes.
Financial statement – fairy information about an organization that assist user in making economic decisions
Financial positions – Balance sheet
Financial performance – Income sheet