Podcast
Play an AI-generated podcast conversation about this lesson
Questions and Answers
According to the text, what is the primary purpose of accounting?
According to the text, what is the primary purpose of accounting?
- To provide quantitative information about economic entities (correct)
- To make economic decisions
- To record business transactions
- To communicate economic information
What is the definition of accounting given by the AICPA?
What is the definition of accounting given by the AICPA?
- Accounting is a service activity (correct)
- Accounting is the science and art of recording business transactions
- Accounting is an information system that identifies, records and communicates economic events
- Accounting is intended to permit informed judgment and decisions by users of the information
What is NOT a purpose of accounting?
What is NOT a purpose of accounting?
- To identify economic events
- To measure economic information
- To communicate economic information
- To provide entertainment (correct)
