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Questions and Answers
What is the main objective of accounting?
What is the main objective of accounting?
- To maximize profits for the company
- To minimize tax liabilities
- To reduce operational costs
- To provide useful information about the firm’s financial position & financial performance to stakeholders through financial statements (correct)
Which organization defines accounting as 'The process of identifying, measuring and communicating economic information to permit informed judgments and decisions by users of the information'?
Which organization defines accounting as 'The process of identifying, measuring and communicating economic information to permit informed judgments and decisions by users of the information'?
- Institute of Management Accountants
- American Accounting Association (correct)
- Financial Accounting Standards Board
- International Accounting Standards Board
What are the types of business environments mentioned in the text?
What are the types of business environments mentioned in the text?
- Service, Manufacturing, and Trading (correct)
- Public, Private, and Nonprofit
- Local, National, and International
- Service, Manufacturing, and Retail
Who are the users of financial statements?
Who are the users of financial statements?
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Which branch of accounting focuses on providing information to internal management for decision-making purposes?
Which branch of accounting focuses on providing information to internal management for decision-making purposes?
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