Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 11 - No. 39)
What is the primary purpose of preparing a statement of affairs from incomplete records?
To determine the exact profit or loss for the period.
To prepare financial statements to comply with accounting standards.
To provide information for assessing an entity's financial position.
To easily calculate the value of all assets and liabilities.
Explanation
The main goal is to determine the financial standing of a company when precise records are absent.
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