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JAMB Principles of Accounts 1999 Question 2

Question 2

Introduction to Accounting

The basic role of accounting is to

  1. A.detect fraud
  2. B.attest to financial statements
  3. C.measure performance
  4. D.protect shareholders.
Show the answer and explanation

Answer: C (measure performance)

Explanation

Accounting measures what a business has earned, spent, owns and owes, and reports it so users can judge its performance. Attesting to the statements is the auditor's work, not accounting's.