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  Providing a Service

Introduction to Providing a Service

One mode of viewing accounting is like a form of service. Accountants give economic information to their 'clients', who are the several users recognized in Figure 1.1. The quality of the service that is provided is determined through the extent to which the requirements of the several user groups have been met. To meet these requirements of users, it can be conflict that accounting information should possess specific main qualities: comparability, relevance, reliability, and understand ability.

  • Relevance

Accounting information must have the capability to affect decisions. Except this characteristic is available, there is actually no point in producing the information. The information might be applicable to the prediction of future events (for instance, in supposing how much profit is possible to be earned in the next year) or significant in helping to confirm past events (for instance, in establishing how much profit was earned in the last year). The function of accounting in confirming past events are significant since users frequently wants to check the correctness of earlier predictions that they have made. The correctness (or inaccuracy) of earlier predictions might assist users to judge the correctness of current predictions. Certainly, to affect a decision the information must be presented while the decision is being made. So, applicable information must be timely.

  • Reliability

Accounting should be free from important error or bias. It should be able of being depended on by managers to represent what it is supposed to represent. Even though both reliability and relevance are very significant, the difficulty that we frequently face in accounting is that information that is very much relevant may not be very reliable.  Likewise, that which is reliable might not be extremely relevant. While seeking to strike the right balance among relevance and reliability, the requirements of users should be the overriding consideration.

  • Comparability

This quality will facilitate users to make out changes in the business over time (for instance, the trend in sales revenue over the past five years). It will also assist them to calculate the performance of the business in relation to the same businesses. Comparability is accomplished through treating items that are generally similar in the same way for accounting purposes. Comparability might also be improved by making clear the policies which have been adopted in presenting and measuring the information.

  • Understand ability

Accounting reports should be expressed as much clearly as possible and should be understood through those at whom the information is intended.

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