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