what is accountung explain its advantages and limitations
Answers
➡️ Mᴇʀɪᴛs ᴀɴᴅ Dᴇᴍᴇʀɪᴛs ᴏғ Aᴄᴄᴏᴜɴᴛɪɴɢ.
➡️ Sᴏᴍᴇ ᴏғ ᴛʜᴇ ᴀᴅᴠᴀɴᴛᴀɢᴇs ᴏғ ᴀᴄᴄᴏᴜɴᴛɪɴɢ ᴀʀᴇ Mᴀɪɴᴛᴇɴᴀɴᴄᴇ ᴏғ ʙᴜsɪɴᴇss ʀᴇᴄᴏʀᴅs,
➡️ Pʀᴇᴘᴀʀᴀᴛɪᴏɴ ᴏғ ғɪɴᴀɴᴄɪᴀʟ sᴛᴀᴛᴇᴍᴇɴᴛs,
➡️ Cᴏᴍᴘᴀʀɪsᴏɴ ᴏғ ʀᴇsᴜʟᴛs,
➡️ Dᴇᴄɪsɪᴏɴ ᴍᴀᴋɪɴɢ,
➡️ Eᴠɪᴅᴇɴᴄᴇ ɪɴ ʟᴇɢᴀʟ ᴍᴀᴛᴛᴇʀs,
➡️ Pʀᴏᴠɪᴅᴇs ɪɴғᴏʀᴍᴀᴛɪᴏɴ ᴛᴏ ʀᴇʟᴀᴛᴇᴅ ᴘᴀʀᴛɪᴇs.
Before diving deep into the types of accounting let us first refresh the fundamental concept of accounting. Accounting is the art of recording, analyzing, classifying, summarizing and presentation thereof of financial information pertaining to an entity.
Accounting predominantly serves two purposes. Internal and external.
One of the biggest limitations of accounting is that it cannot measure things/events that do not have a monetary value. If a certain factor, no matter how important, cannot be expressed in money it finds no place in accounting.
6 Benefits of Becoming an Accountant
Accountants Have a Better Understanding of Finances. ...
The Growing Demand for Accountants. ...
Opportunities for Advancement. ...
The Pay Range for Accountants is Competitive. ...
The Ability to Start Your Own Business. ...
Gaining a Better Understanding of Taxation and Business Law.