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CBSE Class 11-commerce Answered

Explain any 4 advantages of accounting.
Asked by Topperlearning User | 07 Jun, 2016, 11:48: AM
answered-by-expert Expert Answer

Following are the advantages of accounting:

  1. Financial performance, profit or loss incurred, during an accounting period and the financial condition at the end of the accounting period is clearly understandable through accounting.
  2. The management is able to make business plans and take decisions over the business affairs on the basis of accounting information.
  3. A systematic accounting record helps in settlement of income tax, sales tax, value added tax and excise duty liabilities because it is the evidence of the correctness of transactions.
  4. Banks and financial institutions grants loan on the basis of growth potential which is maintained by the performance. This accounting provided information about the performance.
Answered by | 07 Jun, 2016, 01:48: PM
CBSE 11-commerce - Accountancy Part I
Asked by Topperlearning User | 07 Jun, 2016, 11:48: AM
ANSWERED BY EXPERT ANSWERED BY EXPERT
CBSE 11-commerce - Accountancy Part I
Asked by Topperlearning User | 07 Jun, 2016, 11:48: AM
ANSWERED BY EXPERT ANSWERED BY EXPERT
CBSE 11-commerce - Accountancy Part I
Asked by Topperlearning User | 07 Jun, 2016, 11:48: AM
ANSWERED BY EXPERT ANSWERED BY EXPERT
CBSE 11-commerce - Accountancy Part I
Asked by Topperlearning User | 07 Jun, 2016, 11:48: AM
ANSWERED BY EXPERT ANSWERED BY EXPERT
CBSE 11-commerce - Accountancy Part I
Asked by Topperlearning User | 07 Jun, 2016, 11:48: AM
ANSWERED BY EXPERT ANSWERED BY EXPERT
CBSE 11-commerce - Accountancy Part I
Asked by Topperlearning User | 07 Jun, 2016, 11:48: AM
ANSWERED BY EXPERT ANSWERED BY EXPERT
CBSE 11-commerce - Accountancy Part I
Asked by Topperlearning User | 07 Jun, 2016, 11:48: AM
ANSWERED BY EXPERT ANSWERED BY EXPERT
CBSE 11-commerce - Accountancy Part I
Asked by Topperlearning User | 07 Jun, 2016, 11:48: AM
ANSWERED BY EXPERT ANSWERED BY EXPERT
CBSE 11-commerce - Accountancy Part I
Asked by Topperlearning User | 09 Jun, 2016, 12:59: PM
ANSWERED BY EXPERT ANSWERED BY EXPERT
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