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  Utility of Financial Accounting

Utility of Financial Accounting

The utility of financial accounting can be described in the following manner.

A. Financial Accounting gives well specified rules and principles of recording business transactions. This gives uniformity in recording the transactions and So results of several organizations turn into comparable.

B. For any organization, either it is profit making or non-profit making, it is necessary to find out the results of a specific accounting period that is accounting year. Financial accounting technique enables them to ready Profit and Loss Account and Balance Sheet at the end of the financial year.

C. Financial Accounting assists the taxation authorities for determining the tax liability in a good manner. Income Tax is charged on the profits and financial accounting assists to disclose true and fair view of the business as concerned to profits. So the assessment of tax liability becomes rational and free from any controversies.

D. Financial Accounting is also useful for the investors who are interested in observe the profitability of the business where they would like to invest the money. Financial accounting information assists in ascertaining profitability that is why decision-making is easier.

E. a firm has to borrow money for several objectives like expansion, diversification, and modernization and so on in the course of the business. The lenders have to make sure that the money lent through them will be repaid back. For this reason, they study financial statements viz. Profit and Loss Account and Balance Sheet to determine the financial condition of the business. So the financial accounting assists them in decision-making concerning granting of loan.

F. Financial accounting also gives helpful information for the reason of valuation of business throughout merger and acquisition process.

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