Question

Enumerate main objectives of accounting.

Answer 1

Answer:

1. Identification and recording of transactions. ...

2. Ascertainment of results. ...

3. Ascertainment of financial affairs. ...

4. Keeping accounts of cash. ...

5. Control over assets and liabilities. ...

6. Controlling money defalcation and cost. ...

7. Providing economic data. ...

8. Helping tax fixation.

Answer 2

• The main objects of account are as follows-

i ) conservation of records of business deals .

ii ) computation of profit and loss .

iii ) . Definition of fiscal position of business enterprise .

iv ) furnishing account information on its druggies .

• The following are the main objects of counting To maintain full and methodical records of business deals .
• To ascertain profit or loss of the business .
• To depict fiscal position of the business . To give counting information about the interested parties . piecemeal from proprietor of the business enterprise , there are colorful parties who are interested in counting information .
• These are bankers , creditors , duty authorities , prospective investors , experimenters , etc .
• Hence , one of the objects of account is to make the account information available to these interested parties to enable them to take sound and realistic opinions .
• The account information is made available to them in the form of periodic report .

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