An organization is a communal unit, such as an institution or an association, that has a combined objective and is connected to an outside surroundings. An organization is an organized collection of people with a particular reason, such as a business or government department. An organization is the group working for the same purpose for gaining profit.

Management Needs and Accounting

Original financial accounting model based on double entry system of book keeping, developed by an Italian merchant named Lucas Pacioli, is basically to fulfil managerial requirements of a trading business. Financial accounting can measure results of a merchandising business on the basis of departments