ICSE Class 9 Answered
Explain the objectives of accounting.
Asked by vishalkumargupta880802 | 16 Jan, 2019, 10:15: PM
Expert Answer
Objectives of accounting
- It maintains a systematic record of all financial transactions in book of accounts
- It gives an idea about the net results of the business operation, periodically. The owner of business organisation can ascertain the profit earned or loss incurred during an accounting period.
- It helps to ascertain the financial position of the business in terms of assets and liabilities at every accounting period
- It provides information to the users in the form of reports, statements, graphs and charts
Answered by Tharageswari S | 17 Jan, 2019, 10:07: AM
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