Question
What are its objectives?
Answers
. To record the business transactions in a systematic manner.
. To determine the gross profit and net profit earned by a firm during a specific period.
. To know the financial position of a firm at the close of the financial year by way of preparing the balance sheet.
. To facilitate management control.
. To assess the taxable income and the sales tax liability.
. To provide requisite information to different parties, i.e., owners, creditors, employees, management, Government, investors, financial institutions, banks etc.   Your Comment




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