4 concepts
Defining Accounting
Accountancy is the process of communicating financial information about a business entity to users such as shareholders and managers.
Inputs to Accounting
Inputs into accounting include journal entries, the bookkeeping process, and the general ledger.
Outputs of Accounting
Accounting outputs are financial statements that detail the financial activities of a business, person, or other entity.
Uses of Financial Reports
Financial reporting is used by owners, managers, employees, investors, institutions, government, and others to make important decisions about a business.