Question

Objective of accounting​

Answer 1

In a practical sense, the main objective of financial accounting is to accurately prepare an organization's financial accounts for a specific period, otherwise known as financial statements. The three primary financial statements are the income statement, the balance sheet and the statement of cash flows.

Accounting facilitates the systematic management of the records of the transaction and other financial data. It gives an idea about the chances of profitability or failure or losses. The process assists the management by helping them to make the best decisions.

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