posted by Sherill on Apr 16
www.accounting-information.net
Now, accounting information is also heavily used by government agencies. Accountants file income taxes of companies, and it is known that taxes collection is the main source of income for the government. These would include the following: income, payroll, state, federal, social security tax, excise tax, and sales tax. It would seem confusing sometimes since each tax requires its own set of rules and regulations.
Other groups like labor unions have to analyze the financial statements of corporations so that they can negotiate a contract. This is because the income of the company will play a major role in the formation of the said contract.