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Objectives of Accounting

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  • Objectives of Accounting

    The basic objective of accounting is to provide information to the interested users to enable them to make business decisions. The necessary information, particularly in the case of external users, is provided in the basic financial statements: Profit and loss statement and Balance sheet.
    Besides the above sources of information, the internal users, officers and staff of the enterprise, can obtain additional information from the records of business.
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  • #2
    Just to add more information and detailed objectives, accounting helps you keep systematic records because sometime human memory can't bear it (just so you know, its true). It can also protect your business properties, this will keep the business from unwarranted and unjustified financial situations. Accounting can tell you whether you have a loss of profit or you gained profit. Last thing is that, accounting can help you make rational decision making, decisions can be based on the collection, analysis and reports that is given by accounting results.


    Regards,
    Offshore Business Processing Accounting Outsourcing Solutions | www.offshorebusinessprocessing.com/accounting-services

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    • #3
      The main objectives of accounting include not only maintaining the cash accounts and finding out the cash balance on any particular day, but also maintaining various other journals for recording non–cash transactions; maintaining various Ledger Accounts to find out the exact amounts of incomes and expenses or gain and losses or receivables and payables and many more.
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      Last edited by Lindi; 01-11-2016, 08:03 AM.
      Best Regards,
      Lindi

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