Enumerate main objectives of accounting. | Class 11 Accountancy Chapter Introduction to Accounting, Introduction to Accounting NCERT Solutions

Question:

Enumerate main objectives of accounting.

Answer:

The main objectives of accounting are given below.

  1. To keep a systematic record of all Financial transactions
  2. To determine the profit earned or loss incurred during an accounting period by preparing profit and loss account
  3. To ascertain the financial position of the business at the end of each accounting period by preparing balance sheet
  4. To assist management for decision making, effective control, forecasting, etc.
  5. To assess the progress,growth and trend of business from year to year
  6. To detect and prevent frauds and errors
  7. To communicate information to various users


Study Tips for Answering NCERT Questions:

NCERT questions are designed to test your understanding of the concepts and theories discussed in the chapter. Here are some tips to help you answer NCERT questions effectively:

  • Read the question carefully and focus on the core concept being asked.
  • Reference examples and data from the chapter when answering questions about Introduction to Accounting.
  • Review previous year question papers to get an idea of how such questions may be framed in exams.
  • Practice answering questions within the time limit to improve your speed and accuracy.
  • Discuss your answers with your teachers or peers to get feedback and improve your understanding.

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Comments

  • Taksing Tashi
  • 2017-09-11 22:06:27

Nice given answer ..!! I like it.


Comment(s) on this Question

Welcome to the NCERT Solutions for Class 11 Accountancy - Chapter . This page offers a step-by-step solution to the specific question from Excercise 1 , Question 3: Enumerate main objectives of accounting.....