Why we need Accounting ?

Every organization aims at making best possible use of its scarce resources, wants to know the results of its efforts and needs a measure of comparison so that deficiencies and improvements can be identified and collective efforts of the organization can be channelized for the achievement of common goals.

Different groups such as managers, investors, bankers, creditors, taxing authorities, regulatory agencies, labour unions and general public have their interests linked with business organizations. They need information concerning past, present and expected future activities of the concerns for diverse purposes.

The field of Accounting

Accounting is a specialized information system that provides economic information to different groups of people. Financial accounting, cost accounting and management accounting are tradition all described as three branches of accounting. Each of these branches serves a different primary objectives and provides different, of course, interconnected information to different groups of users of accounting information.

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