Importance of accounting
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This document lists the names and IDs of five group members working on an accounting project. It then discusses the importance of accounting for keeping records, protecting business assets, determining profits and losses, and understanding a business's financial position. Accounting is also important for society to understand economic transactions and how businesses are performing financially. It allows companies, small businesses, and the healthcare industry to accurately track costs and revenues. Upon completing this course, students will be able to describe accounting systems and processes, and analyze and interpret cost information for management use.
Importance of accounting
- 2. Name and ID of Our Group Members • Kazi Mostafizur Rahman(131-23-3296) • Md. Yousuf Hossain(131-23-3294) • Md.Kawser Ahamed (131-23-3446) • Md. Sarower Hossain Khan(131-23-3440) • Saifur Rahman(131-23-3311)
- 4. Importance of Accounting • To keep systematic records • To protect business properties • To ascertain the operational profit or loss • To ascertain the financial position of business
- 5. Importance of accounting for society Accounting helps people understand how the economy works, daily transactions with- • Banks, • Vendors, • Creditors and • society can see how a business is doing financially.
- 6. Importance of financial accounting for a company • For companies of any size, • For small-business owners, • For improving a small business.
- 7. Importance of accounting in health care Hospital cost accounting and health care cost accounting is becoming much more important. While a hospital or health care facility may create large revenue amounts, the costs associated with this revenue is also large. Without accurate costing, a facility may find cost overruns and the necessity to take drastic actions to remain in operations.
- 9. What we learn from this course Successful completion of this course students will be able to: • Describe the accounting information system and external financial reporting process • Analyze and interpret cost information and present this information in a form that is usable by management.