THE INDISPENSABILITY OF ACCOUNTING INFORMATICS – AN OVERVIEW

Accounting is referred to as “Language of Business. It is the process of generating information which helps the stakeholders to understand the financial status of a firm.  Accounting has a special History behind it. For example, in the past, the double-entry book keeping system, invented by the accountants helped the entrepreneurs from the blinks of bankruptcy and created confidence among the stakeholders by propelling the Western Capital Markets.  Interestingly enough, today, accounting is regarded as a Management Information System which integrates the corporate objectives with business practices, beyond reporting and fulfilling compliance procedures.  This article strives to create an awareness about the accounting information and highlight its significance to the readers.  For this study, it must be acknowledged that the authors have used the annual reports of J K Papers Ltd as an illustrative example for financial reporting