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The main objective of accounting report is to provide information about?

Accounts - Principles of Accounts
JAMB 2018

The main objective of accounting report is to provide information about?

  • A. the efficacy of assets
  • B. a company's shareholding
  • C. company's economic resources
  • D. an entity's management
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
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Correct Answer: Option C
Explanation

The accounting profession is no different. Foremost among the objectives of accounting and reporting is to provide useful information for investors, creditors, analysts, governments, and others. Accounting information is general purpose and should be designed to serve the information needs of all types of interested parties. The purpose of accounting is to accumulate and report on financial information about the performance, financial position, and cash flows of a business.


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WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
WAEC offline past questions - with all answers and explanations in one app - Download for free
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
WAEC offline past questions - with all answers and explanations in one app - Download for free