Briefly appreciate the exact nature of …

(i) maintaining systematic records :- Accounting records the financial transaction in the Systematic manner.

(ii) Communication the financial result :- Accounting is used to communicate financial information like net profit.

(iii) Meeting legal needs :- Accounting helps for meeting legal needs for various legal purposes like annual accounts, income tax return, sales tax return

(iv) protecting business assets :-  Accounting maintains proper rewards various assets and helps to management to protects business assets by providing relevant information.

(v) Accounting assists the management in decision making :- Accounting assists the management in decision making planning, controlling and coordination of business Activities.

(vi) Ascertaining the business profit and losses :- Accounting helps in determining the coredt net profit and loss of enterprises.

(vii) Ascertaining the financial position :- Accounting helps in determining the financial position of an enterprises with helps of balance sheets.