Accounting is an art which records all those transactions which are related to money in different accounts. It is an information system whose main purpose is to identify, collect and measure the information about economic units to those with an interest in the financial affairs. An account refers to owner’s equity, income, assets, liabilities, expenses, goodwill, etc. as represented by ledgers. First, entries are passed in the journal and then are posted in ledgers. An example of ledgers are debtors, creditors, banks, current assets, fixed assets, current liabilities, etc. Accounting is often called the language of business. Today, accounting statements are required by various groups such as shareholders, creditors, potentials, investors, proprietors, and others. There are several of accounting which is discussed below:
- Measurement: Accounting measures the past performance of the company and analyses the current financial position.
- Forecasting: Accounting helps in forecasting future performance and financial performance of the enterprise from the previous data.
- Decision making: It provide relevant information to the users of accounts to help them in making decision.
- Comparison and evaluation: Accounting compares the performance with the set targets and discloses information regarding accounting policies to those who play important role in predicting, comparing and analysing financial results.
- Control: It also determines the weakness if the financial bodies and provides feedback regarding some of the effective measures which can be taken to improve the financial condition of the enterprise.
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