Need help with the two questions below What is the purpose o

Need help with the two questions below.

What is the purpose of accounting information?

How does one determine which form of business is most suitable?

Solution

What is the purpose of accounting information?

The purpose of accounting is to provide the information that is needed for sound economic decision making. The main purpose of financial accounting is to prepare financial reports that provide information about a firm\'s performance to external parties such as investors, creditors, and tax authorities

The purpose of accounting for business entity is serves the needs and to have permenant record of business at any time.

How does one determine which form of business is most suitable?

Step 1: Consult a Lawyer and an Accountant to help you make an informed decision on the jurisdiction and entity type that is best for your business.

Regardless of the form you chose for your business, here are a few key benefits to incorporating: