The following are the main advantages of accounting :-
1) ASSISTANCE TO MANAGEMENT :- Accounting aids management by providing such information that will enable it to do its work properly. This information helps the management in planning, decision-making and controlling the business.
2) ASSESSING THE PERFORMANCE OF THE BUSINESS :-Accounting keeps proper and systematic record of all the business transactions. Income statements are prepared with these records and we able to know the profit earned and the loss suffered by the business.
3) ASSESSING THE FINANCIAL STATUS OF THE BUSINESS :-Financial position of the business is displayed through position statement i.e. Balance sheet of the business. The statement is prepared at the end of the accounting year and reflects the true position of assets and liabilities of the business on a particular date.
4) COMPARATIVE STUDY :- A systematic record will enable a business to make comparison between the current year and the previous year, the year before and so on. By making comparative study the business can locate significant factors leading to change, if any.
5) EVIDENCE IN COURT :- According records can also be used as an evidence in the court to substantiate claim of the business. The records are based on documentary proof. Authentic vouchers support every entry. this why, the court accept these records as evidence.
6) HELP IN TAXATION MATTERS:- Income Tax and sales Tax authorities could be convinced about the taxable income or actual turnover (sales),as the case may be,with the help of written records.
7) SALE OF BUSINESS:- In case the businessman wants to sell his business he can ascertain the proper purchase price by the help of maintaining systematic records.
8) PROVIDES INFORMATION TO INTERESTED GROUPS:- Various interested parties or groups like owners,creditors, management,employees, government and consumers are interested in accounting information related to various aspect viz. sales , production, profit etc.
9) FOR BANK LOAN / RAISING FINANCE FROM MARKET.
10) FOR LICENSING - EXPORT / IMPORT.
1) ASSISTANCE TO MANAGEMENT :- Accounting aids management by providing such information that will enable it to do its work properly. This information helps the management in planning, decision-making and controlling the business.
2) ASSESSING THE PERFORMANCE OF THE BUSINESS :-Accounting keeps proper and systematic record of all the business transactions. Income statements are prepared with these records and we able to know the profit earned and the loss suffered by the business.
3) ASSESSING THE FINANCIAL STATUS OF THE BUSINESS :-Financial position of the business is displayed through position statement i.e. Balance sheet of the business. The statement is prepared at the end of the accounting year and reflects the true position of assets and liabilities of the business on a particular date.
4) COMPARATIVE STUDY :- A systematic record will enable a business to make comparison between the current year and the previous year, the year before and so on. By making comparative study the business can locate significant factors leading to change, if any.
5) EVIDENCE IN COURT :- According records can also be used as an evidence in the court to substantiate claim of the business. The records are based on documentary proof. Authentic vouchers support every entry. this why, the court accept these records as evidence.
6) HELP IN TAXATION MATTERS:- Income Tax and sales Tax authorities could be convinced about the taxable income or actual turnover (sales),as the case may be,with the help of written records.
7) SALE OF BUSINESS:- In case the businessman wants to sell his business he can ascertain the proper purchase price by the help of maintaining systematic records.
8) PROVIDES INFORMATION TO INTERESTED GROUPS:- Various interested parties or groups like owners,creditors, management,employees, government and consumers are interested in accounting information related to various aspect viz. sales , production, profit etc.
9) FOR BANK LOAN / RAISING FINANCE FROM MARKET.
10) FOR LICENSING - EXPORT / IMPORT.
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6 weeks industrial training in Mohali
6 months industrial training in Mohali
6 months industrial training in Chandigarh
6 weeks industrial training in Chandigarh