Q1. What is accounting? What are its objectives?
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The objective of accounting is to maintain systematic record of financial transactions. The objective of book-keeping is to ascertain the net profit or loss and to show the financial position of the business.
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Accounting is the process of recording financial transactions pertaining to a business. ... The financial statements used in accounting are a concise summary of financial transactions over an accounting period, summarizing a company's operations, financial position and cash flows.
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