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JAMB Principles of Accounts 2013 Question 2

Question 2

Introduction to Accounting

Accounting information seeks to provide

  1. A.permanent records for all transactions.
  2. B.analysis of accounts to trade debtors.
  3. C.audited reports on the accounts of a company.
  4. D.data about the employees of a company.
Show the answer and explanation

Answer: A (permanent records for all transactions.)

Explanation

Accounting keeps a permanent written record of every transaction of the business.