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WAEC Financial Accounting 2012 Question 1

Question 1

Introduction to Accounting

The objective of accounting information is to enable users to

  1. A.prepare the financial statements.
  2. B.value stock.
  3. C.make decisions.
  4. D.prepare budgets.
Show the answer and explanation

Answer: C (make decisions.)

Explanation

Accounting information is produced so that owners, managers, lenders and others can make sound economic decisions. Preparing statements and budgets are means, not the objective.