Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 15 - No. 2)
What is the primary purpose of accounting?
To minimize tax liability.
To measure the profit or loss and value of a business.
To manage day-to-day financial transactions.
To prepare financial statements for internal use only.
Explanation
The core purpose of accounting is to determine a business's financial performance (profit or loss) and financial position (value).
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