The primary purpose of an accounting system is to record how the business activities change the company's balance sheet.

Question

Quizplus · Accepted Answer

The primary purpose of an accounting system is to record, organize and summarize financial transactions of the business in order to provide information on how these activities have affected the company's financial position, performance and cash flows, as shown in the balance sheet, income statement and cash flow statement.

The Primary Purpose of an Accounting System Is to Record