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Which of the following best describes the primary objective of accounting?
  • a)
    To maintain daily records of financial transactions
  • b)
    To ascertain the financial position of the business
  • c)
    To assist in the daily operations of the business
  • d)
    To keep track of inventory levels
Correct answer is option 'B'. Can you explain this answer?
Most Upvoted Answer
Which of the following best describes the primary objective of account...
The primary objective of accounting is to ascertain the financial position of the business. This involves preparing financial statements like the balance sheet, which provides insights into what the business owns (assets) and owes (liabilities), and whether the capital has increased or decreased over time.
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Which of the following best describes the primary objective of accounting?a)To maintain daily records of financial transactionsb)To ascertain the financial position of the businessc)To assist in the daily operations of the businessd)To keep track of inventory levelsCorrect answer is option 'B'. Can you explain this answer?
Question Description
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