2. Accounting is an art of
Identifying
Classifying
Recording
Summarising &
Interpreting
Business transactions of financial nature
3. Maintaining proper record of business
Calculation of profit or loss
Depiction of financial position
Providing effective control over the business
Making information available to various groups
4. Replacing Memory
Assessing the performance of the business
Assessing the financial status of the business
Documentry evidence
Preventing and detecting frauds
Helpful to management
