If a person or group of people establishes a project, the main objective of the project will be to make a profit. In order to ensure that this goal is achieved, an accountant or financial manager is appointed who can provide the financial information for the project to make appropriate decisions.
The concept of accounting
Accounting can be defined as a process by which financial information is identified, recorded and communicated to users to make appropriate decisions. At the time of the financial transaction, we record it in accordance with accounting principles and procedures to obtain useful financial information that is communicated to the decision makers of the company or entity.
Accounting Objectives
1- Recording any financial transaction occurring in the establishment immediately after it occurs and from the documents proving the validity of the registration.
2 - Clarification of the result of the work of the establishment of profit or loss during a certain period of time.
3 - Statement of the financial position of the company, ie the inventory of assets owned by the enterprise (assets) and obligations for a certain period of time.
4- Providing the necessary financial information and reports to the different departments with the aim of planning, monitoring and taking appropriate decisions.
