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Primary Objectives of Financial accounting

If I have to write only one line on this topic, I will write,

“Primary objective of financial accounting is to provide the real financial and income position of organisation”

Now, I explained this line:

1. Why are Accountant Appointed?


Objectives of financial accounting are linked with the appointment of an accountant. Accountant is the person who can help to identify and achieve the objectives of financial accounting. If a man who does not know accounting never makes accounts which will be helpful for achieving the objectives of financial accounting. Suppose, financial accounting identifies the correct amount of net profit. A man who does not know financial accounting will deduct all his expenses from his incomes without seeing revenue and capital expenditure. Due to this, his organisation will show loss; this report will affect others adversely. So, to identify the correct and real net profit, we need accountant.

2. Financial Position

Suppose, one man’s weight is 90 Kgs and other man’s weight is 60 kgs. If they fight who will win? A man with 90 kgs will win. But it is wrong. If a man of 90 kgs has just the belly shaped who is not any flexibility and skill of fighting, it is sure, he will defeat. From this example, we have learned that there are so many factors for getting success in fighting. Like this, in financial accounting, we just make the list of assets and liability is not enough. We want to reach on the most important objective of financial accounting, we have to adjust the depreciation, reserves, provisions and dispose off assets. After this, we can reach correct and real financial position. This financial position can be used for different decision making.

3. Modernization

Modernisation in financial accounting is also most important objective of financial accounting. When we say, financial accounting provide true view of financial statement, its means, it is helpful for us this information at every second not after one year. Thanks the collaboration of computer engineers and accountants who understand this aim and bring it in the reality by making accounting software. They tried to follow all new accounting standards in it. In future, software companies are also committed to follow updated accounting standards which are recognized by IFRS.

Comments

: 2
  1. I agree. I think companies with good financial management would really be in a better position compared to organizations that do not have proper control in managing finances. The people responsible must monitor the financial property of companies, and provide honest suggestions on the plans a company wants to take, or suggest a new direction entirely. The most important thing to keep in mind is of course, taking care of the money, as it can make or break the success and failure of a company.

    Darcy Grubaugh

    ReplyDelete
  2. Main important objective of financial accounting is have to adjust the depreciation, reserves, provisions and dispose off assets of organization.

    Accountant Education Requirements

    ReplyDelete
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Accounting Education: Primary Objectives of Financial accounting
Primary Objectives of Financial accounting
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Accounting Education
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