Question

What is accounting? Explain its advantages and objectives.

Answer 1

Answer:

Accounting or accountancy is the measurement, processing, and communication of financial and non financial information about economic entities such as businesses and corporations.

Advantages of Accounting

Maintenance of business records

Preparation of financial statements

Comparison of results

Decision making

Evidence in legal matters

Provides information to related parties

Helps in taxation matters

Valuation of business

Replacement of memory

Objectives of accounting in any business are; systematically record transactions, sort and analyzing them, prepare financial statements, assessing the financial position, and aid in decision making with financial data and information about the business.

Answer 2

Accounting seems to be the calculation, collection including corporations and wealthy individuals. Further explanation is given below.

Explanation:

Some objectives of the accounting are as follows:

• Holding a consistent and detailed database among all expenditures.
• Analyzing a company's financial status.

Some advantages of accounting are as follows:

• Business Appraisal.
• Raising Loan helps.
• Determining the price of selling.
• Active Direction.

Learn more:

What is accounting...

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