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Describe the uses and user of accounting information

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Accounting

Describe the uses and user of accounting information

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Accounting helps users in making better financial decisions Some users and their uses are mentioned hereunder Owners Owners need to assess how well their business is performing Financial statements provide information to owners about the profitability Owners are also interested in knowing how risky their business is Accounting information helps owners to decide if they should invest any further in the business or if they should use their financial resources elsewhere in more promising business ventures Managers Managers need accounting information to plan monitor and make business decisions Managers need to allocate the financial human and capital resources towards competing needs of the business through the budgeting process Preparing and monitoring budgets effectively requires reliable accounting data relating to the various activities processes products services segments and departments of the business Management requires accounting information to monitor the performance of business by comparison against past performance competitor analysis key performance    See Answer
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