What are the advantages of understanding accounting?
what are ways in which you will apply the accounting concepts?
The following are the main advantages of understanding accounting.
1. For own business
a) you can easily workout your profit or loss earned or suffered during the accounting year.
b) you can easily find out your financial position on a particular date (the value of assets and liabilities).
c) you can easily catch your office people (those who maintains your account) if they did any mistake or
fraud or mis-handling of office cash.
2. For the other business
a) you can take as a profession as an Accountant or an Auditor
b) You can help and find or catch the other person if anyone is doing or manipulating the accounts.
You can apply the accounting concepts by using the principles and conventions of Generally Agreed Accounting Principles (GAAP).
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