![]() ![]() (v) Accounting helps in determining profit and losses of an enterprises. (iv) Accounting helps in determining the financial position of an enterprise with of balance sheet. (iii) it involves following activities, recording, classifying and summarizing. (i) Accounting records transactions and events which are of financial nature. accounting information is not without personal influences or bias of accountant. (vi) Accounting information may be biased. (v) Accounting information can be manipulated and thus cannot be considered as the true test of performance. Ex- fixed assets recorded at historical cost. (iv) Accounting ignores the effect of price level changes. #Accounts project for class 11th cbse trial#It is about Accounting and journal,ledger and trial balance. manipulation of accounts and show easy picture of the financial statements. This project contains the information regarding the accountancy project which is to be made by the students of class 11th. (iii) Window dressing may lead to faulty results. (ii) Accounting information is sometimes based on estimates which may be unrealistic. (i) Accounting records only those transaction which can be measures in the terms of money. (vii) Accounting helps in preparation of financial statement like PG2 A/C balance sheet.ĭisadvantages (limitations) of accounting :. (vi) Accounting record business records in systematic manner. (v) Providing information to interest parties and user. (iv) Accounting information can be used as an evidence in legal & taxation matter (iii) Helps in decision making by providing relevant information. Comparison of financial of financial results with other firms. Comparison of its own results of different results (ii) Helps in comparison of financial results :. (i) provides financial information about the business to interested porties, likes, net profit, assets and liabilities. (v) Assisting the management :- Accounting Assist the management in decision making by providing relevant information. (iv) providing Accounting information to the user :- Accounting helps to communicate the financial information like net profit, assets, liabilities to interested parties. (iii) Determining financial position :- Accounting helps to determine financial position of business by preparing balance sheet. (ii) Determining profited loss :- The second main objectives of accounting is to determine correct net profit & by preparing profit& loss A/C. ![]() (i) Maintaining accounting records :- The first objectives of accounting is to maintain systematic record of transaction. (iii) Meeting legal requirements : it is also helpful to fulfil the legal requirements and it is also accepted as evidence by the court of law if they are maintained systemically following the accounting principles and concepts. (ii) It helps for preparation of financial statements at the end of financial year included profit and loss and balance sheet. (i) It helps to maintain systematic accounting records of financial transactions and events. (vii) Ascertaining the financial position :- Accounting helps in determining the financial position of an enterprises with helps of balance sheets. (vi) Ascertaining the business profit and losses :- Accounting helps in determining the coredt net profit and loss of enterprises. (v) Accounting assists the management in decision making :- Accounting assists the management in decision making planning, controlling and coordination of business Activities. (iv) protecting business assets :- Accounting maintains proper rewards various assets and helps to management to protects business assets by providing relevant information. ![]() (iii) Meeting legal needs :- Accounting helps for meeting legal needs for various legal purposes like annual accounts, income tax return, sales tax return #Accounts project for class 11th cbse pdf#(ii) Communication the financial result :- Accounting is used to communicate financial information like net profit. Read and download free pdf of CBSE Class 11 Accountancy Project Work Worksheet.
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