profit and loss account

Objectives of Accounting

Accounting helps the management to achieve several objectives. This article discusses about the main objectives of accounting. Some important objectives are: to keep accounting records, ascertain the profit or loss, calculate the financial position, communicate the accounting information, prove credit worthiness, aid logical decision making, efficiently wtilize the resources

Financial Statement Types

Financial statements are the financial information presented in concise form and the financial information is the information relating to the financial position of the firm. Financial statements are prepared by the firm because of two main reasons: 1. To communicate with different parties about the financial position of the firm. These ...