Accounting, for academic interest, can be defined as the task of systematically recording, reporting, and archiving all the financial information of the business. The purpose of the accounting department of an organization is to keep track of the financial transactions at one place.

The Objectives of Accounting

1. Record Keeping: The basic role of any accounting section of an organization is to keep a systematic record of all the financial transactions. Systematic record keeping will ensure a proper level of analysis to arrive at the financial health of an organization. This will go a long way in analyzing systematic and accurate decision making.
2. Analyzing and ascertaining the financial results: The accounts department prepares the profit and loss details of the organization based on the income statement generated with the help of the records that is has kept for the period. It is an ongoing process and continues irrespective of the stipulated periods
3. Analysis of the financial status of affairs: The accounting also has an objective of ascertaining the status of financial affairs of the organization. This will include debts, liabilities, property, and assets. The accounts section should be able to provide updated information on the financial conditions of the enterprise on an ongoing basis. This is ideally achieved through the preparation of the balance sheet.
4. Decision Making: Accounting has yet another wider objective of helping the managers and business owners in decision making. Systematic accounting will be an essential factor for making business decisions and set realistic goals for the targets and plans for future growth eg Product pricing to achieve the maximum possible profit. 
5. Liquidity Status: Proper accounting should be such that it aids the managers and business owners to ascertain how much cash and other resources they have at their disposal to pay for the financial commitments they may have. The knowledge of liquidity will also be helpful in working out the quantum of the working capital and the capital that can be used for paying off the liabilities.
6. Securing the positioning: One of the major objectives of accounting should be to help in the positioning of the organization. Accounting offers you a good deal of financial statements to help achieve this goal. The financial position of an organization will ideally go a long way in promoting the financial status of the company eg The complete balance sheet of the organization showing cumulative profit or loss etc
7. Accountability: One of the most major objectives that accounting can perform to perfection will include enhancing the accountability of the firm to its fullest. It is the accounting section of the organization that provides a solid base for the assessment of the actual performance of the organization over some time. Financial statements from the accounting department can also be helpful in providing enough confidence for the shareholders. Credible and accountable financial status can help you secure financing either through the loans or from the investors.
8. Legal Objectives: Accounting has been made a legal requirement as per the legislation across the world. As per the law, every business is required to manage and maintain the financial record of the transactions for the specified periods and share this information with the shareholders, promoters and regulating agencies. Moreover, proper accounting can also be helpful for you as an organization to arrive at the correct financial rights, obligations, and liabilities positively.
9. Detection and prevention of frauds: When the records are proper and authentic, you can ensure that no employee of the organization will be able to indulge in any financial activity that is fraudulent. Accounting will bring in the much-needed transparency into the transactions of the firm as a whole and thus ensures that the incidences of fraud are reduced to almost none.