The information is stored, summarized and used for many different purposes. The objectives of accounting are given below: 1.To Objectives of Accounting: 1. All transactions are recorded and posted into different accounts using a double-entry system of debits and credits. 5 (7) Most common and important objectives of accounting for a company are usually systematically report transactions, analyzing those transactions, prepare financial statements, preparing balance sheet. And like every language has certain syntax and grammar rules the same is true here. 1. Once you have a fair idea about it we can discuss the objectives and functions of accounting in depth. ADVERTISEMENTS: Here we detail about the four important objectives of accounting. Systematic Recording of Business Transactions: ADVERTISEMENTS: A systematic and complete record helps the management to receive any retrieve information easily and in time. However, in every business there are numerous business transactions and it is not possible for the management to keep in […] Accounting is the process used by individuals and businesses to track and report information. Objectives of Accounting Standards Accounting is often considered the language of business, as it communicates to others the financial position of the company. The primary objectives … In order to know about the objective and functions of accounting, it is necessary to know what accounting means. Recording business transactions systematically− It is necessary to maintain systematic records of every business transaction, as it is beyond human capacities to remember such large number of transactions. What are the Objectives in Accounting for Income Taxes? Financial Accounting serves many objectives and involves recording, proper classification, and summarization of financial transaction and events that a business undergo to provide relevant and meaningful insights to various users. Tax accounting is one of the largest subsets or specializations within the field of accounting Accounting Public accounting firms consist of accountants whose job is serving business, individuals, governments & nonprofit by preparing financial statements, taxes. This information will help in financial decision-making and important towards business activities. Accounting Accounting is a process through which one can easily handle, record, summarize, report and analyze the ... Read moreObjectives and Functions of Accounting In the previous article, we have seen the meaning of the term “Accounting” and its history.In this article, we will discuss about what are the objectives and functions of accounting.

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