accounting can be described as the process of identifying, measuring & communicating economic information to?

Question

accounting can be described as the process of identifying, measuring & communicating economic information to permit users of the information. justify this statement in relation to the functions of accounting

Answer 1

Accounting is for you/your biz/your investors/board of directors, to help you keep up with your gains and losses.

It is also required for biz's for the IRS and government stuff and to apply for grants and other special needs.

accounting BALANCES the books, thus it's like a math equation that lets you know if you did everything currectly by the end or not, if not you have to go back and re-balance them again (find your error(s)).