What Are Its Objectives?

1.	What Are Its Objectives?
Answer» To record the business transactions in a systematic manner. To determine the gross PROFIT and net profit earned by a firm during a SPECIFIC period. To know the financial position of a firm at the CLOSE of the financial year by way of preparing the balance sheet. To facilitate management control. To assess the taxable income and the sales tax liability. To provide requisite information to different parties, i.e., owners, creditors, employees, management, Government, investors, financial institutions, BANKS ETC.

Answer»

To record the business transactions in a systematic manner.
To determine the gross PROFIT and net profit earned by a firm during a SPECIFIC period.
To know the financial position of a firm at the CLOSE of the financial year by way of preparing the balance sheet.
To facilitate management control.
To assess the taxable income and the sales tax liability.
To provide requisite information to different parties, i.e., owners, creditors, employees, management, Government, investors, financial institutions, BANKS ETC.

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