3 Questions
What is the primary objective of accounting?
To provide financial information about the business to various stakeholders
Which financial statement provides information about a company's profitability?
Income statement
What is the purpose of the balance sheet?
To provide a snapshot of a company's financial position at a specific point in time
Study Notes
Accounting Objectives and Financial Statements
- The primary objective of accounting is to provide financial information that is useful for decision-making.
Financial Statements
- The income statement (profit and loss statement) provides information about a company's profitability, including revenues, expenses, and net income.
Balance Sheet
- The balance sheet provides a snapshot of a company's financial position at a specific point in time, including its assets, liabilities, and equity.
Test your knowledge of accounting principles with this quiz based on the TS Grewal Class 11 Accountancy book. Challenge yourself with questions on financial statements, journal entries, and more.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
