General Accounting
Technically speaking, accounting is the process of recording the financial history of a company. Many people think that accounting is only done to comply with legal requirements. Although it's true that legal compliance is a big reason, there are other important reasons for accounting:
The people whose money is being used to run the company want to know the results of their investment: Did they get the profit they were expecting or not? The primary role of accounting is to measure the company's actual financial performance.
Accounting provides data to make operational decisions and allows the results of those decisions to be seen later. Management can decide to cut costs through a corporate initiative, and then make sure the ...
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