Introduction
Accounting is a mode of communication for those who are interested in it. AICPA defines
accounting as “The art of recording, classifying, and summarizing in a significant manner and
in terms of money, transactions and events which are, in part at least,
of financial character,
and interpreting the results thereof.” Accounting that provides information to people outside
the business entity is called financial accounting and provides information to various users
and interested parties. Because the organizations and the users have different needs, the