Question

Define Uses and purpose of accounting

Answer 1

✓The purpose of accounting is to accumulate and report on financial information about the performance, financial position, and cash flows of a business.

✓to be useful in making economic decisions, in making reasoned choices among alternative courses of action.

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Answer 2

Answer:

Explanation:

The purpose of accounting is to accumulate and report on financial information about the performance, financial position, and cash flows of a business. This information is then used to reach decisions about how to manage the business, or invest in it, or lend money to it