Question

what do you mean by accounting? what are its main objectives?

Answer 1

Accounting is the language of business transactions. Given the limitations of human memory, the main objective of accounting is to maintain 'a full and systematic record of all business transactions. 2. To ascertain profit or loss of the business: Business is run to earn profits.

Answer 2

Accounting is book keeping plus summarising and interpreting business transactions of financial nature.

_____________________________

Objectives of Accounting :-

• Maintaining of records of business transactions

• Calculation of profit or loss

• Depiction of financial position

• Providing effective control over the business

• Making information available to various groups.

_____________________________

#Thanks