1.1 4
State three reasons why it is important to measure profit (or loss) for an accounting period.
5
Explain the difference between book-keeping and accounting.
6
Explain how accounting can provide information for A monitoring progress
B
making decisions.
Check your progress Read the unit objectives below and reflect on your progress in each.
I struggle with this and need more practice.
• Understand and explain the difference between book-keeping and accounting
I can do this reasonably well.
• State the purposes of measuring business profit and loss
I can do this with confidence.
• Explain the role of accounting in providing information for monitoring progress and decision-making.
Chapter 1: The fundamentals of accounting
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