Question

Primary function of accounting is to -
(i) Protecting business property
(ii) Administration of business strategic policies
(iii) Comply with legal requirement
(iv) Solve labour disputes
(v) Record keeping
Select the correct answer from the options given below -

• A. (ii), (iii) & (iv)
• B. (i), (iv) & (ii)
• C. (i) & (iii) only
• D. (v), (i) & (iii)

Answer 1

The correct option is D (v), (i) & (iii)

The primary function of accounting is to protect business property and complying with the legal requirement by keeping a record of all the business transactions. The records help in determining the financial position of the company.