Paper Summary:

This paper defines the purpose of accounting and identifies the four basic financial statements, explaining how they are interrelated and why they are useful.

From the Paper:

"The purpose of accounting is to identify and record all activities that impact the organization financially, which would include such activities as sales and purchases, interest earned and other monetary transactions. (Karimi) Accounting provides the information needed to make sound financial decisions. Accounting enables a business to track its income and outflow in a systematic manner and identify shortfalls and trends, as well as determining how much cash is on hand and available. Accounting is accomplished through the use..."

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