Question

Recording of financial transactions and preparing the

financial statements are the only objectives of accounting.

Do you agree?​

Answer 1

Answer:

Not only the given above but to check the accuracy of the recorded transaction the financial transactions and financial statements are recorded that is every corresponding debit effect has an credit effect.

Also the accounting is done to know the exact profit or loss of the firm.

Due to accounting we can understand what is the capability of our business i.e..., that means how much we are investing and what we are gaining.