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Accounting is the process of recording, analysing, classifying and summarising the transactions of a business and interpreting it to get an effective result is known as accounting.<br>Get the accounting assignment help in uk from accounting experts. Visit Now.
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Basics Of Accounting Explained By Assignment Help Providers In UK
DEFINITION OF ACCOUNTING Accounting is the process of recording, analysing, classifying and summarising the transactions of a business and interpreting it to get an effective result is known as accounting. 02
WHAT ARE THE FUNCTION OF ACCOUNTING? DEFINITION OF ACCOUNTING • The core functions of accounting are noted below. • Accounting is used for keeping a systematic record of all the business transactions. • It communicates results to parties who are interested. • It protects the properties of the business. • Accounting satisfies judicial requirements. 03
WHAT ARE THE ADVANTAGES OF ACCOUNTING? • Below are some advantages of accounting that helps the firm in different sectors. • Accounting helps in settling the taxation liability. • It helps in doing a comparative study. • It is used to provide evidence in the court. • Proper accounting enhances the sale of the business. • It provides help to different parties.
WHAT ARE THE LIMITATIONS OF ACCOUNTING? • Every coin has a flip side, the same is with accounting. Below are some limitations of accounting. • It can record only transactions made by using money. • The effect of price level changes is not considered in accounting. • The nature of accounting is historical. • The partiality of accountants affects the whole accounting statements. SDCC • 2020
WHAT ARE THE DIFFERENT OBJECTIVE OF ACCOUNTING? • Various objectives of accounting are noted below. • Determine the outcomes of the operation.To describe the liquidity condition. • Helps to secure business assets and properties. • It eases analytical decision-making. • It confirms the financial position of the business.
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