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Assumptions
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Notes on assumptions Functions: Providing information for decision making: The information required is gathered through the four processes of accounting; recording, reporting, interpreting and analysing. This is done by providing financial figures from data collected throughout the period. This information is prepared in general and special purpose financial reports as well as written ones. Assist in discharging accountability To help implement effective controls. It also protects honest employees from suspicion, by ensuring accuracy and validity. It provides procedures so errors could be found and fixed up. It also protects the assets of the business from fraud. Help evaluate performance This is based in general and special purpose financial reports, the figures provided can be analysed, compared and can be used to calculate specific ratios that can be of assistance in decision making.
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Paper Information
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Title: Assumptions
Words: 647
Rating: None
Pages: 2.6
submitted by: Syd123
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