Accounting provides information about the business activities to users for their use in decision making. Information provided by accounting helps … More

Accounting information is used by external users and internal users. External users include investors, creditors, customers, suppliers, employees and government. … More

Financial accounting information is reported in accordance with the accounting standards. The accounting standards represent a set of principles generally … More

The Conceptual Framework for Financial Reporting jointly issued by the IASB and FASB defines the relevance and faithful representation as … More

Financial statements are prepared based on the following underlying assumptions: Economic entity assumption Business operations can be reported for an … More

Accounting information is communicated in the form of financial statements. Financial statements include the following: Balance Sheet (Statement of Financial … More