What is accounting? What are its objectives and limitations?
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Accounting is a process of identifying the events of financial nature, recording them in the journal, classifying in their respective accounts and summarising them in profit and loss account and balance sheet and communicating results to users of such information, viz. ... Objectivesof Accounting: 1.
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: ... A comparison of income and expenditure gives either profit or loss.
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: ... A comparison of income and expenditure gives either profit or loss.
hiiii rossi
don't comments
okk but why
I'm disturbing
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ANSWER :-
Accounting is an Art, of Recording transactions, classifying them into appropriate ledger,Summarizing them into Trial Balance and Analysing them to conclude the financial position of the enterprises.
●Objectives of Accounting ...
◆Systematic records of Financial transactions
◆Valuation of Financial position of the enterprise
◆Provide information to the user like Govt, Investors and Management etc.
➡ Limitations of Accounting
◆There is a possibility of manipulation of data's
◆Accounting works on Historical cost concept
That means, assets are recorded on its purchase price ignoring it's market value.
◆There are certain Accounting policies which needs to followed
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