(a) Objectives of Financial Accounting:
(i) To provide information to satisfy statutory/legal requirements;
(ii) To assist the business to ascertain the profit or loss made for a period;
(iii) To help management check embezzlement and other fraudulent activities;
(iv) To help users make investment decisions;
(v) To facilitate comparison of financial statements of businesses;
(vi) To help management make references to past transactions when taking decision;
(vii) To provide information to be used as a basis for future planning i.e. budgeting;
(viii) To assist management ascertain tax payable by the business to relevant tax authorities;
(ix) To provide information on assets and liabilities of an organization;
(x) To provide information on changes in resources and obligations of an organization;
(xi) To provide information about an organization’s accounting policies;
(xii) To enable an organization keep proper records of financial transactions;
(xiii)To disclose the owners’ stake/capital in the business;
(xiv) To provide information for evaluation of management performance.
(b) Characteristics of good accounting information:
(i) Understandability: This requires accounting information to be clear so that users with reasonable knowledge of business matters would understand it.
(ii) Relevance: Financial information must be relevant to the decision making needs of the users by helping them evaluate past, present and future events.
(iii) Timeliness: For accounting information to be most useful to users, it must be available in time to be used in decision making.
(iv) Comparability: This requires accounting information to be prepared to enable comparison of results and events of different periods.
(v) Completeness: Accounting information must be adequate within the limits of materiality.
(vi) Reliability: Accounting information must be free from material errors and bias (objectivity).
(c) Users of accounting information and their interests:
(i) Management/Managers: Their interest is:

to know how the business is progressing.
to know the financial position of the business.

(ii) Owners/shareholders: Their interest is:

to know whether the business is profitable or not.
to know about the security of their investments.
to know whether the business can pay dividend.

(iii) Bankers: The bank will need accounting information:

to assess the credit-worthiness of the business.
to evaluate the ability of the business to pay back when the facility is due.

(iv) Tax Authorities:

They need the information to be able to compute the tax payable.
Existing and Potential Investors:
For existing investors, they need information to enable them decide whether to continue investing in the business or not.
For potential investors, their interest is to assess the viability of the business.

(v) Competitors: Their interest is to assess the strength and weaknesses of other similar businesses in order to improve their operations.
(vi) Employees: Their interest is to:

evaluate the security of their jobs.
have a basis for collective bargaining.

(vii) Other regulatory bodies: Their interest is to ensure compliance with regulatory requirements and standards.
(viii) Trade unions: Their interest is to have basis for negotiating for improved conditions of service.
(ix) Customers/debtors: Their interest is:

to determine the ability of the business to regularly meet their orders.
to assess the ability of the business to offer them credit facilities.

(x) Suppliers/creditors: Their interest is:

to determine the ability of the business to pay its debt.
To determine how long the business would take to pay its debt.

(xi) Financial analysts/researchers: They need financial information for advisory and academic purposes.
(xii) General public: They need financial information to appraise the efficiency and social responsibility of the business.