Question

Why should Principles of Accounting be taken by all business majors, rather than by only Accountants or Finance specialists? (1500-2500 words)

Answer 1

principles of accounting shoul be taken by all because of following benefits -:

1. comparisions - firms can easily compare their financial performance with others in the industry and evaluate where they stand

2.ease of auditing - since the auditors already have knowledge of those principles it becomes easy for them to audit the financial statements of company.

3.decision making -Decision making becomes easier for management if there is a proper recording of financial transactions. as per accounting principles.

4.information to related parties - It makes the financial information of the organization helpul to stakeholders like owners, creditors, employees, customers, government etc. easily.