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Importance of Accounting

At the end of each year, all the businessmen want to know how much the amount of purchases is, how much is amount of sales, what are his total expenses and what is the amount of profit earned or loss incurred during the year, how much amount they are liable to pay and to whom they owe it; how much is owed to them and by whom etc. In order to attain such information it is essential to keep a complete and systematic record of each and every business transaction entered into during the year. By keeping a complete and systematic record of every business dealing the business owners can take important decisions with the help of the information which are provided by accounting data.

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