Voluntary Association. Common Seal. Perpetual Succession., More capital can be raised.

Read B.S raman Text

Cost control, preparation of Budget, fixing the selling price & planning.

Arithmetical accuracy can be known. Balances of Ledger a/c can be known Balance sheet & P & L a/c can be prepared with the help of TB

Accounts means recording, classifying, summarising Of Transactions. Where as auditing will be Done to Confirm about the Trueness & accuracy of the accounts. In My words, auditing is the post mortem of Accounts. Auditing is on Accounts.. -A.K. Shenoy