Objectives of Accounting are as follows:-

(i)               Systematic recording of transaction: - i.e. Book-Keeping.

(ii)              Ascertainment of results of above recorded transaction.

(iii)             Profit and loss Accounts are prepared for ascertaining results.

(iv)            Ascertainment of financial position of business: - Balance Sheet is prepared.

(v)             Assisting the management for decision making, exercising control, budgeting and forecasting.

(vi)            Providing information to the users for rational decision making:-

(vii)           To know solvency positions    

FUNCTION OF ACCOUNTING ARE AS FOLLOWS:-     

1. maintaining systematic accounting records

2. preparation of financial statements

3. meeting legal requirements.

4. Measurement:- It measures past performance of business and shows current financial position.

5. Forecasting:- It helps in forecasting future performance and financial position using past data.

6. Decision-making:- It helps users to take rational decision.

7. Comparison and Evaluation:- It helps in comparing and evaluating financial results of different intervals.

8. Control:- Accounting identifies weakness of system and provides feedback for control.

9. Meeting legal requirements:- Accounting provides necessary information to government to exercise control and collecting tax. Accounting records are accepted as evidence by the court of law.

Book-keeping :- It is a process of recording transaction and events or financial data of business operation in a systematic manner. It is basic function of accounting. In it proper books of account are prepared. 

Objective of book-keeping :- Complete Recording of transaction:- It records all transaction in systematic manner Ascertainment of financial effect on business:- It shows combined effect of transaction made during accounting year.

Distinction between Accounting and Book-keeping