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Definition of Accounting, Objectives, Advantages and Limitation Video Lecture - Commerce

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FAQs on Definition of Accounting, Objectives, Advantages and Limitation Video Lecture - Commerce

1. What is accounting?
Ans. Accounting is a process of recording, classifying, analyzing, interpreting, and communicating financial information of an organization to its stakeholders. It helps in making informed decisions by providing financial insights about the organization's performance.
2. What are the objectives of accounting?
Ans. The objectives of accounting are to provide financial information to internal and external stakeholders, assist in decision-making, ensure compliance with legal and regulatory requirements, and facilitate the efficient management of financial resources.
3. What are the advantages of accounting?
Ans. The advantages of accounting include providing financial insights to stakeholders, facilitating decision-making, maintaining accurate records of financial transactions, ensuring compliance with legal and regulatory requirements, and enabling efficient management of financial resources.
4. What are the limitations of accounting?
Ans. The limitations of accounting include the subjectivity of financial reporting, the possibility of errors and fraud, the inability to capture non-financial aspects of an organization's performance, and the lack of consideration of external factors that may impact an organization's financial performance.
5. How can accounting help in the growth of a business?
Ans. Accounting can help in the growth of a business by providing insights into the financial performance of the organization, identifying areas for improvement, and facilitating informed decision-making. It can also help in securing funding from investors and lenders by providing accurate financial information about the organization's performance.
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