The direct advantage of accounting do not include: 
  • a)
    Preparation of financial statements 
  • b)
    Competitive advantage 
  • c)
    Ascertainment of profit or loss 
  • d)
    Information to interested groups 
Correct answer is option 'B'. Can you explain this answer?

CA Foundation Question

Nitin Mishra answered Jun 11, 2018
Accounting is defined as the art of recording, classifying, summarizing, analyzing, interpretation and communicating the results of transactions and events which are of financial character. Hence, it includes preparation of final accounts, ascertainment of profit or loss and its communication to users, but it does not includes any kind of competitive advantage.

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