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Questions and Answers
What is the primary purpose of accounting?
What is the primary purpose of accounting?
- To make economic decisions
- To identify and record economic events
- To measure economic information
- To communicate economic information (correct)
What is the result of accounting?
What is the result of accounting?
- Informed judgment (correct)
- Economic decisions
- Resolved choices
- Valuable information
What is NOT a service activity provided by accounting?
What is NOT a service activity provided by accounting?
- Identifying economic events
- Measuring economic information
- Communicating economic information
- Producing economic products (correct)
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Study Notes
- Accounting is the process of identifying, measuring, and communicating economic information to permit informed judgment and decisions.
- Accounting is an information system that identifies, records, and communicates the economic events of an organization to interested users.
- Accounting is an important service activity that provides valuable information to help make economic decisions and resolve choices.
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