Objects of Accouting

Financial information is necessary, in order to run a business in an efficient manner. Reliable

information will be available only through keeping proper books of accounts.

Proper accounting is essential, if money is to be borrowed for the purpose of business. The tender will only agree to lend money when he is satisfied as to the solvency of the borrower. Information available from books of accounts is the means of measuring such solvency.

[3. Cash in hand can be verified and any defalcation can be detected, if proper books of accounts are maintained.

4. Payment of sales tax and income tax is only possible if books of accounts are maintained.

In case of any dispute, books of accounts can be produced hi the court of law as a documentary evidence.

Government fixes up fair prices, formulates industrial policy, prepares.economic plans, decides import-export quotas and does many other functions on the basis of accounting information available from books of accounts.

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