Accountants defined accounting known as, “Accounting is a art of recording, classifying and summarizing in a significant manner and in terms of money, transactions and events which are, in part at least, of a financial character and interpreting the results thereof.” The main objectives of accounting are the following.
1.The main objectives of accounting helps to maintain full and systematic records of business transactions:
2. it helps To ascertain profit or loss of the business
3. it helps To depict financial position of the business
4. it helps To provide accounting information to the interested parties
5. it helps To keep systematic records:
6. .it helps to nature and amount of incomes.
7. it helps to nature and amounts of expenses
8. it helps to nature and amounts of possible losses.
9. it helps to The nature and amounts of actual losses.