ACC 290 The Purpose of Accounting

The Purpose of Accounting

ACC 290

When discussing the purpose of accounting one must know what accounting is. According to accounting is the theory and system of setting up, maintaining, and auditing the books of a firm; artof analyzing the financial position and operating results of a business house from a study of its sales, purchases, overhead, etc. Accounting is very important concerning to the business world and keeping up with the money coming in and going out of the company, also a good sign for the people that invest in the business. Accounting helps to tell if it is worth investing in. there are four basic financial statements concerning to accounting, they are balance sheet, income statement, statement of retained earnings, and...