Answer Posted / h.r. sreepada bhagi
The purpose of any business is to earn money. To know how
much profit has been earned or how much loss has been
incurred during a a certain period (Say month pr year), and
the position of assets & liabilities at the end of that
period, Profit & Loss Account and Balance Sheets need to be
prepared. Prerequisite for preparation of these financial
statements is systematically & logically recorded business
transactions during the year.
In short to accounting is required to know the result of
business operation and status as on a particular date.
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