Question

What are the advantages of accounting

Answer 1

An important advantage of accounting information over other types of information is that it is based on numbers, measurable data.

Answer 2

Advantages of accounting :-

♥ The financial position and performance during and at the end of the accounting period is known .

♥ Helps the management to make business plans , takes decision and exercise control over the affairs .

♥ A systematic and timely recording of transactions obviates the necessity to remember transactions .

♥ Loan is granted by banks and financial institutions on the basis of growth of the business .

♥ It is often accepted as good evidence in the court .