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| 1. |
Briefly appreciate the exact nature of accounting |
| Answer» (i) maintaining systematic records :-\xa0Accounting records the financial transaction in the Systematic manner.(ii) Communication the financial result :-\xa0Accounting is used to communicate financial information like net profit.(iii) Meeting legal needs :-\xa0Accounting helps for meeting legal needs for various legal purposes like annual accounts, income tax return, sales tax return(iv) protecting business assets :- Accounting maintains proper rewards various assets and helps to management to protects business assets by providing relevant information.(v) Accounting assists the management in decision making :-\xa0Accounting assists the management in decision making planning, controlling and coordination of business Activities.(vi) Ascertaining the business profit and losses :-\xa0Accounting helps in determining the coredt net profit and loss of enterprises.(vii) Ascertaining the financial position :-\xa0Accounting helps in determining the financial position of an enterprises with helps of balance sheets. | |