What Is The Role Of Accounting In Management?
Importance of accounting in management
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Accounting is actually the system for recording, verifying, reporting the value of assets, liabilities, income and expenses of a business. In this system, the book of ledger or accounts is used for debiting and crediting of entries which are chronologically posted.
Accounting is very important for Management. It is used by Managers to decide about resource allocation within a company. The accounting lets the management know what is profitable and what can be made profitable. It also helps the management in decisions like inventory management, asset management, budgeting, forecasting etc.
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