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Term review of accounting

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bharathparasad577

Accounting

Accounting is an art of identifying, measuring, recording, classifying, Summarising, helps in analysis & interpretation of the financial data.

Branches of accounting

  1. Financial accounting
  2. Cost accounting
  3. Management accounting

Objectives of accounting

  1. Maintaining accounting records
  2. Determining profit or loss
  3. Determining Financial position
  4. Facilitating management
  5. Protecting business assets

Advantages

  1. Replaces memory
  2. Facilitates loans
  3. Evidence in court
  4. Helps in partnership accounts
  5. Helps in decision making

Limitations

  1. Accounting is not exact
  2. Unrealistic information
  3. Accounting ignores the qualitative elements
  4. Accounting ignores the effect of price level changes
  5. Accounting may lead to window dressing

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