Question

explain any three objectives of accounting​

Answer 1

Answer:

1) to systematic record of business transaction.

2) to calculate profit or loss.

3) to prevent and detect errors and fraud

Answer 2

Answer:

Accounting in any business has the following goals: to systematically record transactions, classify and analyse them, generate financial statements, evaluate the financial status, and support decision-making with financial facts and knowledge of the firm.

Explanation:

Few objectives of accounting:

1)Transaction identification and recording:

Accounting's main goal is to recognise financial transactions and consistently record them in the books of accounts. The exact nature of every transaction is therefore understood with little effort on the part of memory.

2)Determining outcomes:

Every business is curious in how things are going at the conclusion of a certain time frame.

With the aid of ledger account balances of a revenue kind, an income statement may be prepared to determine the amount of profit or loss for a specific time of a business concern.

3)Assessment of financial situation:

Another significant goal of accounting is to determine the debts, liabilities, property, and assets, or the complete financial situation of an organisation, at a given time.