Accounting for IGCSE & O level - Final Statements (Section 14 - No. 6)
What are financial statements primarily prepared for?
To calculate and record profits and capital gains.
To manage the day-to-day operations of a business.
To satisfy legal requirements.
To determine the marketing strategy of a business.
Explanation
Financial statements are used to calculate profit and capital gains, and to assess a company's financial health.
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