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ACCOUTING ESSENTIALS - Research Paper Example
Finance & Accounting
Pages 2 (502 words)
Accounting- the language of business is the most significant and essential topic of study since the inception of time. It has gained huge importance and admiration in the recent years due to its significance on the businesses…
This mode of study has not only served the businesses to expand and develop but also has given new horizon, scope and perspective. Playing with facts and figures is the key to success in this modern era and accounting provides this base. The impact of accounting has been massive as it is the backbone of any business activity. Accounts and financial management is the name of the game these days. Accountants professionally are highly paid individuals and have mammoth impact on business activities. Their statistical analysis and estimation is admired by the firm officials, and their suggestions are highly acknowledged by the higher authorities. Objectives of Accounting The objectives of accounting carry colossal importance as the techniques and tactics used in the financial system basically can mould the direction of any firm. Primarily the objectives of accounting are to conduct the financial analysis so that it would be estimated that in which direction a company is going on. Maintaining the outcomes of operations during certain tenure, estimating financial position, assets management and maintaining tax records are some of the core objectives of accounting. What is the profit/loss position and what steps needed to be taken for the progression are the areas of concern in accounting objectives. It helps in making the economic decisions too. Financial reports provides the basis that when and where cash was utilized and for which purpose. ...
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