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The process of identifying, measuring, recording the transaction of the business in a systematic and pertaining manner. Accounting is also known as the language of business. At the end of each year, businessmen want to know the profit and loss of the company whether they have earned a profit or have suffered losses during the year. They want to know how much they are owed and the amount owed to them, etc. In order to obtain such business-related information, it becomes important to keep a systematic record of each transaction of business during the year. If the businessman has a complete systematic record, he can know all his purchases, sales, expenses during the year.
Accounting is needed for the management decision and monetary transaction of the organization. Here are some of the advantages of accounting listed below:-
States Profit & Loss
Every company makes his profit and loss account at the end of every year. Accounting helps in analyzing the net profit and loss incurred during the year.
Present Financial Position
The balance sheet is prepared at the end of the year. Which present the financial situation of the company or organization. It highlights the value of assets and liabilities of the business.
Accounting help in the comparative study because keeping record helps the organization in comparing current year result with previous year results. It will help intake managerial decisions.
Law And Income Tax
Maintenance of proper accounting records helps the businessman to pay off relevant tax and it also acts of evidence in the court of law.
It is the process of accounting in which the cost of products and services are defined and controlled. If you feel any issues while writing an accounting assignment you can contact our experts anytime. We have a brilliant team of academics writers who in the field of cost accountancy
It is an original form of accounting. It deals with the records of the financial transaction of the organization. The main purpose of financial accounting is to check the financial position of the company by analyzing profit and loss of the company. If you stuck with complicated financial accounting assignment.
It consists of cost accounting, Inventory control, budgetary control, working capital management. The requirement of management accounting is to take the decision for running enterprises. Hire our in house writer for management assignment assistance.
It means cost analyses, book management, auditing, resource management, Inventory costs, payable and payroll accounting, advertising and promotions accounting. Get top-notch writing help from our experts.
The branch of tax accounting is used for the tax purpose and it is also called taxation accounting.For example:- income tax,value-added tax,forex,tax law,excise duty all are comprised in accounting.
Corporate accounting is a form of research and theoretical representation of the areas of accounting involved in an organization and cooperative structure. If you are looking for professional academic writers for your corporate accounting assignment then you can choose professional mentors here.
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