Advertisements
Advertisements
Question
The purposes of financial recording is ______.
Options
Keeping records
Calculating profit or loss
Ascertaining financial position
All of these
MCQ
Fill in the Blanks
Solution
The purposes of financial recording is keeping records, calculating profit or loss and ascertaining financial position.
Explanation:
Financial recording includes keeping accurate records of all financial transactions, calculating profit or loss for a specific period, and ascertaining a business's financial position. These activities are essential for effective financial management, decision-making, and reporting within an organization. Therefore, all the options listed are correct purposes of financial recording.
shaalaa.com
Meaning and Purposes of Accounting
Is there an error in this question or solution?
