State what you understand by accounting reports.
State what you understand by accounting reports.
The accounting reports are the physical form of accounting information. They act as a summary of all the relevant facts and information related to a particular event. The accounting reports are basically the end (or final) reports depicting the performance of an organisation during an accounting period. They show the information that is acquired from processing and transforming the data in an organised manner. The accounting reports display the information content in such a manner that the users can understand them without any ambiguity. These reports form the basis of the decision making process as they minimise the risks associated with uncertainty. Ledgers, Trial Balance, Cash/Bank Book, Financial Statements etc. are some of the examples of accounting reports.
The accounting reports are the physical form of accounting information. They act as a summary of all the relevant facts and information related to a particular event. The accounting reports are basically the end (or final) reports depicting the performance of an organisation during an accounting period. They show the information that is acquired from processing and transforming the data in an organised manner. The accounting reports display the information content in such a manner that the users can understand them without any ambiguity. These reports form the basis of the decision making process as they minimise the risks associated with uncertainty. Ledgers, Trial Balance, Cash/Bank Book, Financial Statements etc. are some of the examples of accounting reports.
