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The purpose of accounting is to provide decision makers with relevant and reliable information to help them make better decisions. Examples include information for people making investments, loans, and business plans. Technology reduces the time, effort, and cost of recordkeeping. There is s till a demand for people who can design accounting systems, supervise their operation, analyze complex transactions, and interpret reports. Demand also exists for people who can effectively use computers to prepare and analyze accounting reports. Technology will never substitute for qualified people with abilities to prepare, use, analyze, and interpret accounting information. External u sers an d their uses of accounting information include: (a) lenders, to measure the risk and return of loans; (b) shareholders, to assess whether to buy, sell, or hold their shares; (c) directors, to oversee their interests in the organization; (d) employees and labor unions, to judge the fairness of wages and assess future employment opportunities; and (e) regulators, to determine whether the organization is complying with regulations.

Other users are voters, legislators, government officials, contributors to nonprofits, suppliers and customers. Business owners and managers use accounting information to help answer questions such as: What resources does an organization own? What debts are owed? How much income is earned? Are expenses reasonable for the level of. It does this by providing useful information for internal users in completing their tasks more effectively and efficiently. By providing this information, accounting helps the organization reach its overall goals.

Accounting professionals offer many services including auditing, management advice, tax planning, business valuation, and money management. Marketing managers are likely interest ed in informat ion such as sales volume, advertising costs, promotion costs, salaries of sales personnel, and sales commissions. Concept increases the reliability and verifiability of financial statement information. This treatment is justified by both the cost principle and the going-concern assumption. Jacques Lemans F1 Manual. The revenue recognitio n principle provides guidance for managers and auditors so they know when to recognize revenue. If revenue is recognized too early, the business looks more profitable tha n it is. On the other hand, if rev enue is recognized too late the business looks less profitable than it is.