Write any two advantages and disadvantages of accounting?
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Advantages and Disadvantages of Accounting
Stakeholders of an entity want to know whether the entity is earning a profit or incurring losses. They also wish to know whether the capital investment in the business is increasing or decreasing during the accounting period.
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 results
- Decision making
- Evidence in legal matters
- Provides information to related parties
- Helps in taxation matters
- Valuation of business
- Replacement of memory
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