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Core Objectives of Accounting:

1. Recording of Transactions
2. Identification of Transactions
3. Acceptable to others
4. Helps to provide economic data
5. Helps to provide information to the third party

3. Acceptable to others:-
Accounting helps to show the financial position of the business on a particular date.
4. Legal objectives:-
Accounting is a legal requirement as per the legislation across the world.


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Core Objectives of Accounting:

1. Recording of Transactions:-
Accounting Helps to record transactions in the books of accounts.
2. Identification of Transactions:-
Accounting helps to identify transactions taking place in the business.



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Have you wondered what are the accounting concepts?
https://www.accountingtools.com/articles/basic-accounting-concepts.html

Basic accounting concepts — AccountingTools There are a number of conceptual issues that one must understand in order to develop a firm foundation of how accounting works. These basic accounting concepts are as follows: Accruals concept . Revenue is recognized when earned, and expenses are recognized when assets are consumed.

Savings helps us as well as the business firms for future use or for investment. We can invest in debentures, shares, deposits etc.

Importance of accounting:-

1. Accounting helps in sound decision making.
2. Accounting helps in obtaining loan from banks and other financial institutions.
3. Accounting helps in creating perfect budget.