Descarib Accounting process & state
objective & advantages of accounting?
Answers
Answer:
Accounting process
The accounting cycle, also commonly referred to as accounting process, is a series of procedures in the collection, processing, and communication of financial information. As defined in earlier lessons, accounting involves recording, classifying, summarizing, and interpreting financial information
Objectives of accounting
The main objectives of accounting are maintaining a complete and systematic record of all transactions and analyzing the financial position of a business. Every individual or a business concern is interested to know the results of financial transactions and their results are ascertained through the accounting process.
Advantages of accounting
♦Maintenance of business records.
♦Preparation of financial statements.
♦Comparison of results.
♦Decision making.
♦Evidence in legal matters.
♦Provides information to related parties.
♦Helps in taxation matters.
♦Valuation of business.
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