Generating financial information
Generating financial
information
(1)
Recording: - It is basic function of accounting.
All transaction or events are evidenced by some documents like Purchase Bill,
Bank Pass Book, Sale Bill, Salary Slip etc. Recording is done in a book called
Journal.
(2)
Classifying: - It is systematic analysis of recorded
data. In this stage transaction or events of one nature are put at one place so
as to make more useful or informatics for uses. Book containing classified
information is called Ledger.
(3)
Summarizing: - It is preparation and presentation
of classified data to internal as well as external users of financial
statement. This process leads to preparation of Trial Balance, Profit and loss
Account, Balance sheet.
(4) Analysis and interpretation: financial data is analysed and interpreted so that the users of financial data can make a meaningful judgement of the financial performance(profit) and financial position of the business. Analysis helps in planning for future in better way. It is done through many tools like ratio analysis etc.
(5) Communicating: - It is transmission of summarized, analyzed and interpreted information to users so that they can take rational decision. It is done through accounting reports like P & L A/c, Balance Sheet etc.
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