The main advantages of accounting are:
Assistance to management: Accounting provides information to the management to enable it to do its work properly. Such information helps in the Planning, Decision making and Controlling.
image source: paramourindustries.com/paramourwp/wp-content/uploads/2013/08/management-in-word-cloud.jpg
Comparative study: A systematic record enables a business to compare one year’s results with those of other years and locate significant factors leading to the change if any.
ADVERTISEMENTS:
Evidence in the court: Systematic record of transactions is often treated by the courts as good evidence.