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JUBEB 2022 ACCOUNTING ANSWERS
1.Define Accounting?
Accounting is the systematic and comprehensive recording of financial transactions pertaining to a business. Accounting also refers to the process of summarizing, analyzing and reporting these transactions to oversight agencies, regulators and tax collection entities.
b.Five uses of accounting information
1.Business Performance Management:A common use of accounting information is measuring the performance of various business operations. While financial statements are the classic accounting information tool used to assess business operations, business owners may conduct a more thorough analysis of this information when reviewing business operations.
2.Create Company Budgets:
Business owners often use accounting information to create budgets for their companies. Historical financial accounting information provides business owners with a detailed analysis of how their companies have spent money on certain business functions.
3.Making Business Decisions
Accounting information is commonly used to make business decisions. For financial management, an income statement and accounting of expenses provides an important overview of the business.
4.Informing Investment Decisions
External business stakeholders often use accounting information to make investment decisions. Banks, lenders, venture capitalists or private investors often review a company's accounting information to review its financial health and operational profitability.
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