BTEC Business - Unit 3: The Purpose of
Accounting Exam Questions And Answers
Purpose of Accounting - - -
correct answer ✅Accounting involves the recording of financial
transactions, planned or actual, and the use of these figures to
produce financial information.
5 reasons why accounting is important to business success - - -
correct answer ✅Record Transactions.
Management of the Business.
Compliance.
Measuring Performance.
Control.
Record Transactions - - -
correct answer ✅Keeping records up to date and accurate.
Essential for tax payments to HM Revenue & Customers [HMRC].
Management of the business - - -
correct answer ✅Ensuring sufficient funds are available to run a
business successfully. Helps future planning.
Accounting Exam Questions And Answers
Purpose of Accounting - - -
correct answer ✅Accounting involves the recording of financial
transactions, planned or actual, and the use of these figures to
produce financial information.
5 reasons why accounting is important to business success - - -
correct answer ✅Record Transactions.
Management of the Business.
Compliance.
Measuring Performance.
Control.
Record Transactions - - -
correct answer ✅Keeping records up to date and accurate.
Essential for tax payments to HM Revenue & Customers [HMRC].
Management of the business - - -
correct answer ✅Ensuring sufficient funds are available to run a
business successfully. Helps future planning.
