Discuss accounting as the language of business and the role of accounting information in making economic decisions?

Financial Accounting in general plays a very crucial role in making any kind of decision which includes money in it.  It is basically based on actual events. The Facts and figures from the past will help us to estimate the future. Hence the accounting information is used while taking any decision pertaining to Budgeting , investing and so on.

Discuss the significance of accounting systems in generating reliable accounting information and understand the five components of internal control