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JAMB Principles of Accounts 2000 Question 6

Question 6

Introduction to Accounting

The main objective of bookkeeping is to record economic

  1. A.transactions systematically for routine managerial decision-making
  2. B.events clearly to ensure adequate checks and balances
  3. C.events clearly to facilitate strategic managerial decision-making
  4. D.transactions systematically to ascertain the financial position of a business.
Show the answer and explanation

Answer: D (transactions systematically to ascertain the financial position of a business.)

Explanation

Bookkeeping records transactions in an orderly way so that the profit and financial position of the business can be found.