Question

Discuss any four needs of accounting​

Answer 1

Answer:

❇ Accounting plays a vital role in running a business because it helps you track income and expenditures, ensure statutory compliance, and provide investors, management, and government with quantitative financial information which can be used in making business decisions.

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Answer 2

Thus, the Need and Objectives of Accounting 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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