Question

Discuss any four needs of accounting​

Answer 1

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1. Systematic recording of transactions

2. Determination of profit and loss

3. Preparation of Tax Returns

4. Providing Necessary information to financial institution

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Answer 2

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Explanation:

Needs of Accounting

To maintain Accounting records in a systematic manner :The main function of Accounting is to keep records of every transaction and maintain a proper trial balance,balance sheet ,income statement and financial statement etc.

For meeting legal Requirements

Laws take records of every transaction so it is mandatory to keep record of every transaction and keep as an evidence to show.

To Replace memory

A systematic and timely recording of all the transaction abstain to remember transaction.

Facilitating comparative study

A proper and systematic records of transaction enables a Enterpreneur or a businessman to easily compare their financial statement with present year with previous year