Question

Define accounting. give the main objectives of accounting

Answer 1

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It is a systemic process of identifying,recording,measuring,classifying,verifying,summarizing,interpreting and communicating financial information.It reveals profit or loss for a period given,and the value and nature of a firm's assets,liabilities and owner's equity
The following are the main objectives of Accounting:
1.To keep systemic records.
2.To protect business properties.
3.To ascertain the operational profit or loss
4.To ascertain the financial position of business.
5.To facilitate rational decision making.



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Answer 2

Accounting is the art of recording , classifying and summarising in a significant manner and in terms of money , transaction and events which are in part atleast of financial character and interpreting the results there of .

Objectives of accounting :-

♥ It maintains a systematic record of financial transactions and events .

♥ It determines whether during an accounting period , the firm has earned a profit or incurred loss .

♥ It determines the financial position by preparing balance sheet .

♥ It provides financial information to assist the management .

♥ It provides accounting information to users both internal and external .

♥ It maintains record of assets owned by the business .