what do you understand by" need of accounting" ?
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Answer:
It is very important in every field.
I hope this will help you
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Answer:
Accounting is a systematic process of identifying, recording, measuring, classifying, verifying, summarizing, interpreting and communicating financial information. It reveals profit or loss for a given period, and the value and nature of a firm's assets.
Accounting is the language of finance.
Explanation:
The purpose of accounting is to accumulate and report on financial information about the performance, financial position, and cash flows of a business.
Basic objectives of Accounting :
1. Maintaining Records
2. Profit and Loss
3. Utility of Resources
4. Estimation of Financial Position
5. Helps in Decision Making
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