What Are The Fundamental Purposes Of Accounting?

What Are The Fundamental Purposes Of Accounting? 

The fundamental purposes of accounting are as follows:

1.- Establish rigorous control over each of the resources and obligations of the business.

2.- Record, in a clear and precise, all the operations carried out by the company during the fiscal year.

3.- Provide at any time a clear and truthful picture of the financial situation that keeps the business.-

4.- Anticipate the future of the company well in advance.

5.- Serve as proof and source of information, to third parties; Of all those of juridical character in which the accounting can have probative force according to the established by the law.