Question

Financial accounting deals with _________________.

• A. Determination of cost
• B. Determination of profit
• C. Determination of price
• D. Determination of selling price

Answer 1

The correct option is B Determination of profit

The basic objective of financial accounting is to have a true and fair view of the state of affairs of the business. Financial accounting involves the preparation of financial statement on the periodic basis.

Determination of profit is one of the objective which can be found out by preparing the profit & loss account.