Question

Branch accounting conclusion

Answer 1

accounting is the integral process of smooth functioning. Basically accounting is - recording the financial transactions in the books of accounts, classifying the transactions into different heads and sub-heads, summarising the accounting data into reports and financial statements and interpreting the financial data to assist decision making.
Accounting helps organizations to determine their financial rights and obligations. Without proper accounting, it would be very difficult for a business to calculate, for example, the exact amount a supplier needs to be paid taking into account cost of purchase, discounts, sales tax, withholding tax, duties, refunds, etc.. Accounting is therefore necessary for a business to fulfill its legal obligations and asserting its own legal rights.

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