The primary purpose of financial accounting in an institution is to:
Type: MCQ • Marks: 1
The primary purpose of financial accounting in an institution is to:
Options
A. Record only cash transactions
B. Systematically record, classify and summarise financial transactions for accountability and decision-making
C. Prepare only the annual budget
D. Monitor employee attendance
Explanation
Financial accounting provides a structured record of financial transactions and produces information useful for management, control, reporting and audit.
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UPSC Principal & Vice PrincipalManagement Finance Administration
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