What is the goal of accounting in association with business?

Question

Quizplus · Accepted Answer

The main goal of accounting in association with business is to produce reliable financial statements that accurately reflect the financial position, performance, and cash flow of a business. These statements are used by stakeholders to make important decisions, such as whether to invest in the business, extend credit, or make strategic decisions. While accurate budgets, forecasts, and pro forma statements are also important, they are secondary to the main goal of producing reliable financial statements.

What Is the Goal of Accounting in Association with Business