State the economic benefit of having accounting information, Financial Accounting

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State the Economic benefit of having accounting information

Economic benefit of having accounting information is even harder to assess.  It's possible to implement some 'science' to problem of weighing the costs and benefits however a lot of subjective judgement is likely to be involved. No one would seriously advocate that typical business must produce no accounting information. At the same instance, no one would advocate that each item of information that could be seen as possessing one or more of key characteristics must be produced, irrespective of cost of producing it. Characteristics which influence the usefulness of accounting information and which have been discussed in this section are set out in Figure below.

 

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