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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)
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