P1 C1 Accounting and Its Terminology — Account STD 11 Commerce — Question
Gujarat BoardEnglish MediumSTD 11 CommerceAccountP1 C1 Accounting and Its Terminology1 Mark
Question
Write the main objectices of Accounting.
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Answer
Following are the main objectives of Accounting. $1)$ It gives permanent records of transactions $2)$ One can determine the tax liability $3)$ One can get the idea of influential factors affecting business. $(4)$ One can get the idea of quantun of payables and receivables. $(5)$ To find/detect errors and to avoid frauds, accounting is useful.
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