CAPE Accounting Unit 1 Practice Questions - CAPE Accounting Unit 1 - Financial Accounting (Caribbean Examinations Council, CXC) Exam

Which statement best describes the primary purpose of financial accounting?

To record, summarise and communicate economic events of an entity to external users using established principles and standards To prepare tax returns for the revenue authority only To set selling prices based on contribution margins To provide detailed cost analyses for internal managers only

Correct Answer:

To record, summarise and communicate economic events of an entity to external users using established principles and standards

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