Question

Define Accounting and explain any three objectives of Accounting​

Answer 1

Answer:

Accounting is the process of recording financial transactions pertaining to a business. The accounting process includes summarising, analysing and reporting these transactions to oversight agencies, regulators and tax collection entities.

The objectives of accounting are as follows:

1. Maintenance of records of business transactions

2.Calculation of profit and loss

3. Presentation of financial position of business