WebLenders use accounting information of borrowers to assess their credit worthiness, i.e. their ability to pay back any loan. Lenders offer loans and other credit facilities on terms that … WebGovernment Government needs accounting information for three major reasons; For tax collection. Thorough tax bodies, government collects taxes from individuals and organisations/companies. Financial statements of an organisation show the revenue and expenditure or income and expenses. They also show whether there was profit or loss.
Financial Accounting Meaning, Principles, and Why It …
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Governmental Accounting - Definition, Objectives, Principles
WebJun 15, 2016 · Government: The government is interested in accounting information because it wants to know earnings or sales for a particular period for the purpose of taxation. Government also needs accounting information for compiling statistics concerning which in turn helps in compiling national accounts. Consumers: WebNon-profit organizations and the government use fund accounting. It is also used by portfolio businesses and in the investment banking business Investment Banking Business Investment banking is a specialized banking stream that facilitates the business entities, government and other organizations in generating capital through debts and equity, … WebThe guidelines for accounting information are called GAAP. It is the main U.S. accounting rule book and is currently created and governed by the FASB. Investors and lenders must have information that is relevant and has faithful representation in order to make decisions and GAAP provides the framework for this financial reporting. the pacific financial group tpfg