What are the benefit according to accounting

Question

Accepted Answer

The benefits of accounting include financial transparency, informed decision-making, and compliance with regulations.

Provides financial transparency by accurately recording and reporting financial transactions
Enables informed decision-making by providing timely and accurate financial information
Helps in compliance with regulations and legal requirements
Facilitates effective budgeting and financial planning
Assists in measuring and evaluating business performance
Enhances credibility and trust among stakeholders
Enables effective tax planning and optimization
Supports risk management by identifying potential financial risks
Helps in detecting and preventing fraud or financial irregularities

Accepted Answer

Here are a few basic advantages of accounting

Maintenance of permanent Business records Basically business will have a huge number of transactions. ...
A systematic order Accounting is a systematic way of presenting business transactions in books of accounts. ...
Decision making The main function of management is decision making. ...
Valuation of business ...
Helps in Raising loans ...
Evidence in court ...
Complying with law ...
Preparation of Financial statements

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