GK
ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Following are some of the objectives of accounting -
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To ascertain whether the business operations have been profitable or not
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To ascertain the financial position of the business
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Maintaining systematic records and reporting on the custodianship of resources
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Both (a) and (b)
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Explanation:
Detailed explanation-1: -To maintain a systematic record of business transactions. To ascertain profit and loss. To determine the financial position. To provide information to various users. To assist the management. (1) Identifying financial transactions and events. (2) Measuring the transactions. More items
Detailed explanation-2: -The primary objective of accounting standards is to harmonize the different accounting policies.
Detailed explanation-3: -Objectives of accounting in any business are; systematically record transactions, sort and analyzing them, prepare financial statements, assessing the financial position, and aid in decision making with financial data and information about the business.
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