Question

Which of the following is not an objective of accounting? * To maintain records of the business. To provide information about the assets, liabilities and capital of the enterprise. To provide information about the private assets and liabilities of the proprietor To provide information regarding the profit and loss of the enterprise.

Answer 1

Answer:

To provide information about the private assets and liabilities of the proprietor

Answer 2

To provide information about the private assets and liabilities of the proprietor is not an objective of accounting.

• Accounting is the process of recording the financial deals of a business undertaking. Its function is to record, summarise and analyse the finances of a business to help the managers to plan the finances of a company. It also helps the company to manage its taxes and file tax returns.
• Accounting does not involve the private assets and liabilities of the proprietor. It only includes the finances of the business.