Accounting
Accounting is an art of identifying, measuring, recording, classifying, Summarising, helps in analysis & interpretation of the financial data.
Branches of accounting
- Financial accounting
- Cost accounting
- Management accounting
Objectives of accounting
- Maintaining accounting records
- Determining profit or loss
- Determining Financial position
- Facilitating management
- Protecting business assets
Advantages
- Replaces memory
- Facilitates loans
- Evidence in court
- Helps in partnership accounts
- Helps in decision making
Limitations
- Accounting is not exact
- Unrealistic information
- Accounting ignores the qualitative elements
- Accounting ignores the effect of price level changes
- Accounting may lead to window dressing
Learn more about this-
https://brainly.com/question/26690519
#SPJ10
