What is Accounting & why it is used?
Accounting is the record of the financial transactions along with sorting, retrieving and even confusing and presenting the results in many different reports for businesses & corporations. Accounting helps the firm to analyze the financial performance of the company, and it also helps the industry to have a look at the statistics like net profit.
Accounting is used:-
- For keeping a record of the transactions,
- For maintaining a track of financial records,
- For doing the internal audits,
- For reporting and also analyzing the financial information to the management
- For advising on the matters of taxation.