Weegy: Accounting is the language of business because it fills the need for a common language of business. It records and processes financial information into an easily accessible format that can be understood by any person in the business world. [ For a business to properly function, effective methods of communication among owners, managers and investors are essential. ] (More)

Weegy: Investors, employees, lenders, suppliers and trade creditors, customers, government and their agencies and public uses accounting information. (More)

Weegy: Users of accounting information are: inventors, lenders, creditors, customer & debtors, employees, government, analyst and general public. (More)

Weegy: The purpose of the revenue recognition principle in accounting is to determine the specific conditions under which income becomes realized as revenue. (More)

Weegy: In financial accounting, a balance sheet or statement of financial position is a summary of the financial balances of a sole proprietorship, a business partnership, a corporation or other business organization, such as an LLC or an LLP. [ Assets, liabilities and ownership equity are listed as of a specific date, such as the end of its financial year. A balance sheet is often described as a "snapshot of a company's financial condition. ] (More)