Role of Accounting, Providing Accounting Information for Decision Making, Internal Stakeholders, Owners and managers, External stakeholders, Shareholders, Investors, Banks, suppliers, Competitors, Customers, Government, Public, Role of Accountant, Set up accounting system and become steward of business., Integrity, Being Straightforward and honest in all professional and business relationships, Objectivity, Not letting bias, conflict of interest or undue influence override professional judgement, Accounting Information, Information generated by accounting information system, Non-Accounting Information, Qualitative information about the business not captured by accounting systems, Accounting Cycle, 1. Identify & Record 2. Adjust 3. Report 4. Close, Accounting Management System, System to collect, store and process accounting data, Source Documents, Proof that transactions have occurred, Journal, Daily Record of Business Transactions in order of dates, Ledger, Records all transaction relating to a specific asset, liability, equity, income or expense, Trial Balance, Summary of ending balances of each ledger account at a specific date, Statement of Financial Performance, Shows the income and expenses of a business for a period of time, Statement of Financial Position, Lists Assets, Liabilities and Equity of a business at one point in time.

Role of Accounting

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