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What is accounting explain? What is the purpose of accounting
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Here you will get answers to every asked by CBSE in the examination.
What is accounting explain?
Your answer sir
Accounting refers to recording, analysing
Summarizing, collecting and writing all the financial transactions.
1Accounting is essential if you want to be able to grow your business in a way that can be measured and predicted. Having a system of tracking your business’ assets, liabilities, and income lets you e smart, informed business decisions based on the past performance and present financial health of your company.
accounting also helps you satisfy your customers. Knowing where your company stands financially in terms of income and expenses will help you better understand what you need to do in the future to maintain that level of customer satisfaction and grow your business.
What is the purpose of accounting?
The purpose of accounting is to accumulate and report on financial information about the performance, financial position, and cash flows of a business. This information is then used to reach decisions about how to manage the business, or invest in it, or lend money to it.