Discussion
Which of the following are the objectives of financial accounting? i) Proper recording of transactions ii) Ascertainment of the financial position iii) Reporting financial information iv) Defalcation prevention v) Digital marketing
Answer: A
The objectives of financial accounting are proper recording of transactions, ascertainment of the financial position, reporting of financial information, and prevention of defalcation (fraud). Digital marketing is a promotion activity and is not an objective of accounting, so any option containing v is wrong. The options with fewer objectives leave some out, and the first option lists all four. Prevention of defalcation means preventing the misuse of an organisation's funds, which is why the books must be kept accurately.
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