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Since we can never be sure what is going to happen in the future, the best that we can do is to make judgements on the basis of past experience. Thus information concerning flows of cash and wealth in the recent past is likely to be a useful source on which to base judgements about possible future outcomes.

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Financial account

It focuses on creating finance related information that are pure numbers.

These numbers are intended for external users such as investors creditors and regulatory bodies.

Annual report

Annual report is the yearly statement of the financial condition, progress  and expectation of the organization.

These reports are mandatory by law for the shareholders and could be quarterly based as well for current use.

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financial information and its importance

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financial information and its importance

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Financial information is the  data regarding the activities of the business. It is the true reflection of the business condition.

It can be attributed as the main factor in all the decision making involved in the business.

It helps in avoiding the penalties and adhering with the regulatory body.

The financial information helps in forecasting and budgeting for the business.

This information is important for all the managers, investors, government body, suppliers and creditors.

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Accounting is a systematic process of recording, analyzing and reporting financial transactions for business and organization. It shows the key information and figures of the current situation of the business.

There are various disciplines within the  accounting and some of them are:

Financial accounting

Managerial accounting

Tax accounting

Auditing

Governmental and non profit accounting

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Accounting is important for maintaining the financial activities and keep track of these activities and provides support in the decision making. Accounting is crucial for businesses, governments, and non-profits. Each type serves a different purpose.

Each type of accounting has distinct purposes and methodologies, ranging from external financial reporting to internal managerial decision-making and compliance. Understanding these types helps in effectively managing financial resources, ensuring compliance, and making informed decisions

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Accounting explained with brief history and modern job requirements. (2003, November 17). Investopedia. https://www.investopedia.com/terms/a/accounting.asp

The accounting discipline. (2013, October 24). Management Accounting Changes. https://managementaccountingchanges.wordpress.com/2013/10/24/the-accounting-discipline/

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Submitted by group 1

Reshma Shrestha                                             Rajesh Khadka

Sabin Budhathoki                                            Sadichha Neupane