Reference and Legal Notices > Accounting Primer > Adjusting and Closing Entries > Using Accounting Information

Using Accounting Information

Learn more

Adjusting Entries

Cost of Sales

Depreciation

Accumulated Depreciation

Gains and Losses

Cost Allocations

Closing Entries

Required Reports

Operating Information

Income Tax Accounting

Cash-Basis Accounting

Depreciation (ACRS)

Read the adjusting and closing entries overview

Accounting Primer Topics

Accounting is not an end in itself. You collect accounting information to use it for some purpose. You don't spend more effort on collecting the information than the results warrant. This is the benefit/cost principle, which is based on the principle that the benefits of using accounting information should exceed the costs of collecting it. This section briefly describes several of these benefits.