1.

What is Accounting & why it is used?

Answer»

Accounting is the record of the financial transactions along with sorting, retrieving and even confusing and presenting the results in many different reports for businesses & corporations. Accounting helps the firm to ANALYZE the financial performance of the COMPANY, and it also helps the INDUSTRY to have a look at the statistics like net profit.

Accounting is USED:-
  • For keeping a record of the transactions,
  • For maintaining a track of financial records,
  • For doing the internal audits,
  • For reporting and also analyzing the financial information to the management
  • For advising on the matters of TAXATION.


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