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