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.