Objectives Of Financial Accounting

Maintenanceof accounting records for users. 11 INTRODUCTION Accounting has rightly been termed as the language of the business.

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Analyze the financial position of a Company.

Objectives Of Financial Accounting. D Discuss the branches role and limitations of accounting. Financial Accounting Financial accounting is the process of recording classifying summarizing analyzing financial data. The main objectives of accounting are.

Measurement of results of operational activities. Want the accounting information to be consistent so as to facilitate comparison. The objective of Financial accounting is to Systematic record the financial transactions of an organization in the books of account.

The Committee found among its members and other senior financial analysts substantial consen-sus on the broad objectives of accounting for in-vestment analysis. They often provide input and advice on financial matters including those systems used to track and record costs and expenses. A Define accounting and trace the origin and growth of accounting.

An accountant is mainly responsible for examining analyzing and preparing financial records and statements for a companyorganization. The objective of financial accounting is to provide information to the end user but the conceptual framework or Statements of Financial Accounting Concepts SFAC tells us what qualities that information must have. 1Systematic Recording Of Financial Transactions Since human memory is short systematic recording of financial transactions that took place in the past is essential.

The objective of accounting is to provide users with the information that is useful in their decision making. C Explain the nature and objectives of accounting. There are numerous business entities operating in the corporate world ranging from sole trader ship partnerships private public limited companies.

Records are in chronological order or date and time wise. Accounting provides information about the business activities to users for their use in decision making. Communication of financial information to users in a summarized and meaningful shape.

Information provided by accounting helps users make informed decisions about the business operations of the entity. Objectives of Financial Accounting. This data is used to prepare the financial statements.

Objectives Of Financial Accounting Main objectives of financial accounting can be described as follows. The users of information generated by financial accounting like bankers financial institutions regulatory authorities government investors etc. Financial accounting is charged with the primary responsibility of external reporting.

Eration by its Financial Accounting Policy Com-mittee was to present to the Study Group the objectives of financial accounting and reporting from the viewpoint of the financial analyst. It can use in the future when we require it for further process. Knowledge of tax strategies and preparation are typically utilized as well.

B Distinguish between book-keeping and accounting.

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