10 main objectives of accounting

Accounting Objects

The objects of accounting are the property of the organization, their obligations and business operations carried out by organizations in the process of their activities.

The main objectives of accounting

The main objective of accounting is the formation of complete and reliable information (financial statements) about the organization’s activities and its property status, necessary for internal users of financial statements — managers, founders, participants and owners of property of the organization, as well as external ones — for investors, creditors and other users of financial statements on the basis of which it becomes possible:

  • prevention of negative results of economic activity of the organization;
  • identification of internal reserves to ensure the financial stability of the organization;
  • monitoring compliance with the law during the organization of business operations;
  • control of the feasibility of business operations;
  • monitoring the availability and movement of property and liabilities;
  • control over the use of material, labor and financial resources;
  • monitoring the compliance of activities with approved norms, standards and estimates

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