Question

Which type of accounting is mainly concerned with record keeping towards the preparation of profit and loss account and balance sheet

Answer 1

Explanation:

In acounting, one of the key areas where it is used is financial record keeping. This is done to ensure that all financial transactions are being done in the legit manner, where there is transparency and traceability of data as well. And when we have all the data of transactions then this can be used in the preparation of financial statements and other analysis

Answer 2

The accounting is Financial Accounting.

• The specific goal of the system is to determine the accounting year's outcomes in the form of a Profit and Loss Account and a Balance Sheet.
• It accurately calculates the direct cost of production/service in a scientific manner, allowing for cost control and gradual reduction.
• Cash and accrual accounting are typically the two forms, and both employ double-entry accounting to correctly record financial transactions.