To Make Informed decisions
To comply with Legal Business
To show your Business position
To Plan Business future
To Measure Business Performance
To fulfill Your Business Requirement
Maintenance of records of business transactions
Calculation Of Profit Or Loss
Depiction Of Financial Position
Provide Information to the users
Cash
Accounts Receivable
InventoryPrepaid expenses
Plants
Steps For accounting Process:
1. Identify and analyze the transaction
2. Recording Journal entries
4. Prepare the unadjusted trial balance
5. Make adjusting entries
6. Prepare the adjusted trial balance
7. Prepare financial statements
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