Question

what is accounting? explain the advantage
and limitations of acc
ounting​

Answer 1

Answer:

✔ Accounting helps to maintain the business record in a systematic manner. It helps in the preparation of financial statements.Accounting information is also used to compare the result of current year with the previous year to analyze the changes.It helps the managers in the decision making process.

Explanation:

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Answer 2

→Answers :

→What is accounting?

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

→Explain the advantage

and limitations of accounting ?

→Advantage :

Some of the advantages of accounting are Maintenance of business records, Preparation of financial statements, Comparison of results, Decision making, Evidence in legal matters, Provides information to related parties..

→Limitations :

As accounting statements are confined to monetary values only, qualitative elements are ignored. Accounting information ignores the effect of price level changes: Accounting statements are prepared at historical cost..