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Accounting

Accounting

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Published by pazilarsp

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Published by: pazilarsp on Aug 10, 2010
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11/13/2010

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ACCOUNTING
 
Process-identifying, measuring, communicating inf- judgment & decision-users of a/c
OBJECTIVES OF ACCOUNTING
T
o keep systematic records of financial transactionsand events
T
o ascertain the P&L
T
o ascertain the financial position of the business
T
o provide information to the users for taking decisions
T
o keep the solvency position
T
o protect the business properties
1
 
 
F
UNCTIONS O
F
ACCOUNTING
 
ecording
Classifying
Summarizing
Analyzing and interpretating
Communicating
Meeting legal requirements
2
 
 ADVANTAGES O
F
ACCOUNTING
 
Complete record of transactions
Ascertainment of operational profit & loss
Ascertainment of the financial position of the business
Providing information to the users for taking decision
T
o know the solvency position
Efficiency of the business can be measured
Legal evidence
Facilitates raising of loans
Helps in distributing dividend to the SH
Proper utilization of funds
3

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