Question

explain any four objectives of accounting

Answer 1

The main four objectives of accountings are as follows:-

1. Maintaining of records of business transactions

2. Calculation of profit and loos.

3. Depiction of financial position

4. Providing effective control over the business

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Answer 2

Answer:

The four objectives of accounting are as follows-

• Identification and recording of transactions.
• Ascertainment of results.
• Control over assets and liabilities.
• Helping tax  fixation.

Explanation:

Following are the four objectives of accounting-

• Identification and recording of transactions- The main object of accounting is identifying financial subject matters of accounting and recording them in a systematic manner.
• Ascertainment of results- The profit or loss which is made in a particular period is evaluated by preparing an income statement and the operating results are known.
• Control over assets and liabilities- To run a business effectively, various kinds of assets are required like land, building, machinery, etc.
• Helping tax  fixation- Accounts are prepared on the basis of those accounting principles which are accepted and are considered reliable to income tax for easy determination of the taxes.