Question

Discuss in detail the importance of accounting.

Answer 1

helpful in management of business.
          (i) helpful in planning
           (ii) helpful in decision making
          (iii) helpful in controlling
provides complete and systematic record.
give information regarding profit or loss.
information regarding financial position.
enables comparative study by keeping a systematic record accounting helps the owner to compare one years cost, expenses, sales and and profit etc.
helpful in assessment of tax liability.
helpful in partnership accounts.
helpful in prevention and detection of errors and frauds.
helpful in raising loans.