Accounting is the process of identifying, measuring, recording and communicating the required information which is related to the economic events of a company to the interested users. It is also known as the language of business. As there is so much involved in the accounting subject, students tend to take up accounting assignment help.
At the end of every year, businessmen want to know if they have earned profits or incurred losses. To obtain such information, it becomes important to keep a systematic record of each transaction of business during the financial year. If one keeps a complete systematic record then they can easily know their sales, purchases, and expenses during the year.
ADVANTAGES OF ACCOUNTING
1. TELLS PROFIT AND LOSS
At the end of each year, the profit and loss account is prepared, which gives one the details about their net profit earned or loss incurred during that year.
2. TELLS FINANCIAL POSITION
At the end of the accounting year, the balance sheet is prepared, and it discloses the financial position of the business. It also highlights the assets and liabilities of the business.
3. COMPARATIVE STUDY
Keeping a thorough systematic record is helpful. Accounting helps in comparing the current year results with the results of the previous years. While taking managerial decisions, such comparisons prove to be of great importance.
DISADVANTAGES OF ACCOUNTING
1. DOESN’T BRING THE FULL PICTURE
Financial accounting includes the quantitative aspects and not the qualitative ones. It is only concerned with monetary activities and ignores non-monetary activities like the quality of goods or labor relations.
2. DOESN’T INDICATE THE REALIZABLE VALUE
The balance sheet doesn’t show the amount of cash which the firm recovers by the sales of assets, and that’s because the assets aren’t meant to be sold.
3. HISTORICAL COSTS
Accounts are prepared based on historical or original costs. The financial statement doesn’t show the effect of the changes in the levels of price. Many assets, therefore, remain undervalued. So, the value of assets doesn’t help estimate the financial position of any business.
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