JAMB Accounts Principles of Accounts 2018 Paper

Concept:Accounting’s basic role is to provide financial information that helps users measure business performance.Explanation:Accounting records and summarises financial transactions.This information is used to determine how well a business is performing.The financial statements, such as the profit or loss account, show whether the business is making a profit or a loss.Performance measurement is therefore the central function of accounting.The other options refer to distinct activities: fraud detection relates to internal controls, attesting to financial statements is the work of auditors, and protecting shareholders is a corporate governance duty.Thus, the basic role is measuring performance.Answer:C. measure performance.