Advantages of Accounting
1. Financial information about business: Financial
information during the accounting period, i.e profit earned or loss incurred
and also the financial position at the end of the accounting period is known
through accounting.
2. Assistance to Management: The Management makes
business plans, takes decision and exercise
control over the affairs on the basis of accounting
information.
3. Replaces Memory: A systematic and timely recording
of transactions obviates the necessity to
remember transactions.
4. Facilitates Comparative Study: A systematic record
enable a businessman to compare one year’s
result with whose of other year.
5. Facilitates Settlement of tax liabilities: A
systematic accounting record immensely helps in
settlement of Income Tax and Goods & Service Tax (GST)
liabilities.
6. Facilitates loans: Loan is granted by the banks
and financial institutions on the basis of growth
potential which is supported by the performance.
7. Evidence in court: Systematic records of
transactions is often accepted by the courts as good
evidence.
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to students of CA/CMA/B.COM/M.COM/CLASS11-12th (COMMERCE).
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