BCA - II SEMESTER (ACCOUNTING AND FINANCIAL MANAGEMENT) Unit I
UNIT - 1 Meaning and objectives of accounting Accounting is the process of recording, summarizing, and communicating financial transactions and information to stakeholders such as investors, creditors, and management. The main objectives of accounting are to provide financial information that is useful for decision-making, planning, and control. More specifically, the objectives of accounting are: Record-keeping: To record and maintain a systematic and accurate record of all financial transactions in a company. Financial reporting: To prepare and present financial statements that accurately reflect the financial position, performance, and cash flows of a business to stakeholders. Analysis and interpretation: To analyze and interpret financial data to assist stakeholders in making informed decisions about the business. Planning and budgeting: To assist in the development of financial plans and budgets that guide the business's future activities. Control: To provide a system of inte