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Questions and Answers
What is the primary function of accounting?
What is the primary function of accounting?
- Measuring business activities, processing information into reports, and communicating results to decision makers (correct)
- Managing human resources effectively
- Regulating business operations to ensure compliance
- Maximizing profits and minimizing expenses
Who are the primary users of accounting information?
Who are the primary users of accounting information?
- Marketing professionals
- Supply chain managers
- Human resource managers
- Decision makers (correct)
What does the accounting equation represent?
What does the accounting equation represent?
- The relationship between cash flow and investment
- The relationship between revenue and expenses
- The relationship between supply and demand
- The relationship between assets, liabilities, and equity (correct)
What do financial statements help to accomplish?
What do financial statements help to accomplish?
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How can return on assets (ROA) be used in evaluating business performance?
How can return on assets (ROA) be used in evaluating business performance?
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