Question

What is the conclusion to the project of accountancy

Answer 1

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Answer 2

We are asked what is the conclusion of the project of accountancy and the answer will be an analysis of the financial position of the organization.

• The purpose of accountancy is to prepare the financial statements of an organization so that an analysis can be carried out on it.
• There are different types of organizations and the purpose of accounting will be dependent on what type of organization it is.
• Some organizations require the accounts to be done for themselves eg. sole proprietorship firms, some require accounts to be done to be checked by a small group of people eg. partnerships while some organizations require accounts for the world at large for example. companies.
• There are different stages and books that are required to be maintained for carrying on the accounting process like journals, ledgers, trial balances, balance sheets, etc.
• These books are required to be maintained and kept as per the laws that govern these books.
• So the conclusion of the project of accountancy will be an analysis of these books so that the financial position can be known of the organization.

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