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Accounting for Non-Accountants

You have been asked by the CEO of your company to give a presentation to the students at a local college. You were specifically asked to discuss the role of an accountant.
1. Explain the purpose and objective of accounting.
2. What is the purpose of corporate governance, and why is it important to the company?
3. Why is an accountant's integrity important?
4. How has technology impacted the accounting profession?

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1. Explain the purpose and objective of accounting.

Accounting provides information to the stakeholders which help in taking right decisions. Managers should have a financial understanding of their organization to take the decisions in a prudent manner. Financial understanding will enhance the commercial knowledge and will also get the relevant inputs for taking decision making. Following reports will be central to achieving financial understanding:
1) Income Statement: It tells about the revenues and costs of the firm.
2) Balance sheet: It portrays the assets and obligations.
3) Cash flow statement: This shows the cash inflows and outflows of the business.
4) Budgets: It is a detailed plan of division of ...