Accounting information consists of data and reports that record and communicate a business’s financial activities, helping stakeholders like managers, investors, creditors, and regulators make informed decisions. It includes various types such as financial information (income statements, balance sheets, cash flow statements), managerial information (budgets, cost analyses), tax information (used for filing tax returns), and auditing information (verifying financial accuracy). Good accounting information is relevant, reliable, complete, timely, and easy to understand. Examples include details of revenues and expenses, asset and liability balances, cash flows, profit or loss statements, and inventory values.
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