The main role of accounting is to compile reports to determine the profit made by a company over a period of time.

Question

Quizplus · Accepted Answer

While determining profit is an important aspect of accounting, it is not the main role. The main role of accounting is to record, summarize, and report financial transactions and information to provide stakeholders with accurate and useful financial information to make informed decisions. This includes maintaining accurate records of financial transactions, preparing financial statements, analyzing financial data, managing budgets, and ensuring compliance with financial regulations.

The Main Role of Accounting Is to Compile Reports to Determine