Introduction to Accounting Basics

<p>Aiding in directing and controlling activities of the firm</p> Signup and view all the answers

<p>Ascertaining operational profit or loss</p> Signup and view all the answers

<p>The main objectives of accounting according to Assistant Professor Prathmesh U Tawade are to keep systematic records, protect business properties, ascertain the operational profit or loss, ascertain the financial position of the business, and facilitate rational decision making.</p> Signup and view all the answers

<p>The users of accounting information mentioned by Assistant Professor Prathmesh U Tawade are investors, creditors, government, external consumers, users, researchers, banks &amp; financial institutions, owners, internal management, and employees.</p> Signup and view all the answers

<p>The branches of accounting according to Assistant Professor Prathmesh U Tawade are financial accounting, cost accounting, and management accounting.</p> Signup and view all the answers

<p>Financial accounting involves the preparation of financial statements and external reporting, while management accounting aids management in directing and controlling activities of the firm.</p> Signup and view all the answers

<p>Accounting is described as the 'Language of Business' and plays a crucial role in providing systematic records, protecting business properties, ascertaining financial position and operational profit or loss, facilitating rational decision making, and serving various users of accounting information.</p> Signup and view all the answers