Question

Which of the following statements is not an objective of accounting?
To keep systematic records
To ascertain the operational profit or loss
o
c
To provide information of the personal assets liabilities of the owner of
an enterprise
To ascertain the financial position of the business​

Answer 1

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the statement is not an objective of accounting is:-

c) To provide information of the personal assets, liabilities of the owner of an enterprise.

objectives of accounting:-

-

1. Maintenance of records of business transactions
2. calculation of profit or loss.
3. Depiction of financial position
4. Providing accounting information to it's users.

characteristics of accounting:-

1. reliability-

Reliability means the users must be able to depend on the information.

• Relevance-

To be relevant, information must be available in time.

• Understandability-

it means decision makers must interpret accounting information in the same sense as it is prepared and conveyed to them.

• Comparability-

Financial reports are able compare various aspects of an entity over different time period and with other entities.