What are the objective of Book-keeping?

Objects of book-keeping may be stated as follows:

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  • To have a permanent record of each transaction of the business.
  • To show the financial effect on the entity of each transaction recorded.
  • To ascertain the combined effect of all the transactions (during an accounting period) on the financial position on a particular date.
  • To disclose the factors responsible for earning profit or suffering loss in a given period.
  • The amount recoverable by the business from others (sundry debtors) and payable to others (sundry creditors)
  • Determination of tax-liability of the business.
  • Prevention of errors and frauds.
  • Protection of assets.
  • Measure of exercising a system of control.
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