Accounting provides information about the business that how well it performed during the particular period of time. Other than preparing the financial statements of the company, it explains about computing the costs and efficiency gains from new technologies and methods into the business. According to the interpretation of results, business decisions are taken in the organization. The person who performs this for the business is called an accountant. While preparing the financial statements, every firm has to follow some rules and guidelines provided by the international body which is called Generally Acceptable Accounting Principles (GAAP).
While preparing the accounts we need to prepare financial statements, depreciation on assets, cash flow, fund flow, trial balances, and performance ratios. All these come under the fundamental books of account. The performance of the organization can be judged on the basis of these tools, they reflect the true financial position of the business.
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