(1) It helps to find out the financial position of the business by preparing financial statement.
(2) It helps in systematic recording of business transaction which can be used for future reference.
(3) It supplies necessary information to all those who are interested in business(ie:-owners,investors,creditors,employees etc.)
(4) It helps the management in making pertinent decision with the help of financial statement
(5) It is used for comparative study of the business performance with other firms and over different periods of time.
(6) It is used as evidence in case of dispute
(2) It helps in systematic recording of business transaction which can be used for future reference.
(3) It supplies necessary information to all those who are interested in business(ie:-owners,investors,creditors,employees etc.)
(4) It helps the management in making pertinent decision with the help of financial statement
(5) It is used for comparative study of the business performance with other firms and over different periods of time.
(6) It is used as evidence in case of dispute
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