The primary purpose of an accounting system is to record, organize. summarize, and report useful information to external financial statement users and stakeholders, as well as to company management, who make operating, investing and financing decisions.

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An accounting system is designed to handle the comprehensive financial data of a company, organizing and summarizing it into useful reports for both internal management and external stakeholders (like investors, creditors, and regulatory bodies), aiding in various decision-making processes.

The Primary Purpose of an Accounting System Is to Record