Objectives of Accountancy

It is a means of recording the monetary transactions and events
It is required to ascertain the earnings of the company, which is achieved by preparation of the Income Statement.
It is required to identify the obligations (liabilities) and the resources (assets) of the organization.
Accounting records are required to be maintained statutorily by certain government and regulatory bodies.
Accounting records are also required by the accounting for taking the financial decisions
Generally investors and certain lenders also require the preparation of the financial statements.