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Objectives of Accounting

As an information system, the basic objective of accounting is to provide useful information to the interested group of users, both external and internal. The necessary information, particularly in case of external users, is provided in the form of financial statements, viz., profit and loss account and balance sheet. Besides these, the management is provided with additional information from time to time from the accounting records of business. Thus, the primary objectives of accounting include the following:

1 Maintenance of Records of Business Transactions

2 Calculation of Profit and Loss

3 Depiction of Financial Position

4 Providing Accounting Information to its Users

 

Note- refer other articles for detail

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