The Importance of Accounting Information in Decision Making

Ionu? Spãtãrelu () and Daniela Petec (Cãlinescu) ()
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Ionu? Spãtãrelu: University of Craiova Faculty of Economics and Business Administration
Daniela Petec (Cãlinescu): University of Craiova Faculty of Economics and Business Administration

Ovidius University Annals, Economic Sciences Series, 2016, vol. XVI, issue 1, 611-615

Abstract: In the field of accounting, economic information is of great interest, meaning that accounting information plays an important part in the economic book-keeping/registration system in general, but also in the economic information system especially for decision making necessary for the business. Although accounting information are available for a wide range of users - stakeholders (managers, employees, suppliers, customers, financial creditors, government and its institutions, the public, the media, etc.), the investors (shareholders) are recognized as the privileged users of accounting information. Four principal qualitative characteristics must be met for the accounting information to be useful in the management system: understandability, relevance, reliability and compatibility of information. Any economic transaction processing involves collecting, categorizing, summing and analyzing the data.

Keywords: accounting information; decision making; characteristics of accounting information; users. (search for similar items in EconPapers)
JEL-codes: M41 M48 (search for similar items in EconPapers)
Date: 2016
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