The fundamental accounting concepts and the role of financial accounting in aiding the decision making processes of four different non-management stakeholder groups.

Introduction Reliable, relevant financial statements present the best information about a company's economic history, current financial health, and prospect for the future (Johnson, 2004). The preparation and presentation of financial statements require the use of certain rules to ensure truth, fairness, and consistency. Accounting employs a number of concepts. They underlie all traditional accounting in commercial organizations and are generally employed in non-commercial organizations as well (Bebbington et al, 2001). Although various concepts have been employed, few …

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