Accounting information is used to prepare financial statements. Financial statements report on a company's position for a specific time period. They show the company's ability to cover their long- and short-term debt, their profit or losses and their ability to meet their monthly cash needs.
Accounting provides companies with various pieces of information regarding business operations. It is often conducted by a company's internal accounting department and reviewed by a public accounting firm. Small businesses often have significantly less financial information recorded during the accounting process.However, business owners often review this financial information to determine how well their business is operating. Accounting information can also provide insight on growing or expanding current business operations.
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Explanation:
Accounting information is used to prepare financial statements. Financial statements report on a company's position for a specific time period. They show the company's ability to cover their long- and short-term debt, their profit or losses and their ability to meet their monthly cash needs.
Answer:-
Accounting provides companies with various pieces of information regarding business operations. It is often conducted by a company's internal accounting department and reviewed by a public accounting firm. Small businesses often have significantly less financial information recorded during the accounting process.However, business owners often review this financial information to determine how well their business is operating. Accounting information can also provide insight on growing or expanding current business operations.
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