Accounting , as an information system is the process of identifying , measuring and communicating
the economic information of an organization to its users who need the information for decision making.
It identifies transactions and events of a specific entity. A transaction is an exchange in which each
participant receives or sacrifices value (e.g. purchase of raw material). An event (whether internal or
external) is a happening of consequence to an entity (e.g. use of raw material for production). An entity
means an economic unit that performs economic activities.
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