OBJECTIVES OF ACCOUNTING

The basis purpose of accounting is to give information for making business discussion.The following are primary objectives of accounting.
(1) MAINTAINING BUSINESS RECORDS.
The unique object of accounting is to identify business transaction and specify them into appropriate books of accounts.Such records help in taking business decisions and tracing errors.If any in operations.
(2) ASCERTAINING PROFIT AND LOSS.
Every business man is eager to know the amount of profit or loss sustained in his business.Such information is available from the statement called "the profit and loss account".
(3) ASCERTAINING FINANCIAL POSITION
Financial position relates to the financial strength of a concern in terms of assets and liabilities against such assets.Such information is obtained from the statement called the balance sheet.
(4) PROVIDING INFORMATION TO VARIOUS USERS
Accounting provides useful information to the interested parties like owners,investors,editors,bankers,government employees and so on.