Question

What is accounting explain the advantages of accounting

Answer 1

Answer:

Explanation:

Accounting helps to maintain the business records in a systematic manner. It helps in the preparation of financial statements. ... Accounting information can be produced as evidence in the legal matter. It helps in valuation of business.

Answer 2

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Explanation:

Accounting is a mixture of art and science. Accounting is an art of recording, classifying and summarizing financial transactions in a significant manner and in terms of money.

Advantages of Accounting

• Maintenance of business records
• Preparation of financial statements
• Comparison of resultsDecision making
• Evidence in legal matters
• Provides information to related parties
• Helps in taxation matters
• Valuation of businessReplacement of memory

Disadvantages of Accounting

• Expresses Accounting information in terms of money
• Accounting information is based on estimates
• Accounting information may be biased
• Recording of Fixed assets at the original cost
• Manipulation of Accounts
• Money as a measurement unit changes in value