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  Objectives and Functions of Accounting

Introduction to Objectives and Functions of Accounting

The main objectives are Systematic recording of transactions, determine of results of recorded transactions and the financial position of the business, giving information to the users for rational decision-making and to know the solvency position. The tasks of accounting are Decision-making, Measurement, Forecasting, Comparison & Evaluation, Control, Taxation and Government Regulation.

Accounting concepts

Accounting concepts describe the assumptions on the basis of what type financial statements of a business entity are ready. Specific concepts are perceived, assumed and accepted in accounting to give a unifying structure and internal logic to accounting process. The term 'concept' means idea or notion that has universal application. Financial transactions are interpreted within the light of the concepts that govern accounting methods. Concepts are those essential conditions and assumptions and that form the basis on which the accountancy has been laid. Not like physical science, accounting concepts are only result of broad consensus. These accounting concepts set the foundation on the basis of that the accounting principles are formulated.

Accounting principles

"Accounting principles are a body of doctrines generally related with the theory and procedures of accounting serving like a description of current practices and like a guide for selection of conventions or procedures where alternatives present."

Accounting principles have to be satisfies the following conditions:

1. They should be based upon real assumptions;

2. They should be understandable,  simple, and explanatory;

3. They must be followed consistently;

4. They should be capable to reflect future predictions;

5. They should be informational for the users.

Accounting conventions

Accounting conventions come out of accounting practices, generally termed as accounting, principles, adopted through several organizations above a period of time. These conventions are derived through practice and usage. The accountancy bodies of the world might alter any of the convention to enhance the quality of accounting information. Accounting conventions require not have universal application.

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