CBSE Class 11-commerce Answered
what is advantages of accounting
Asked by kumarimanisha.9767 | 21 Jul, 2020, 10:32: AM
Expert Answer
Following are the advantages of accounting:
- 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.
- The management is able to make business plans and take decisions over the business affairs on the basis of accounting information.
- 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.
- 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.
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