Podcast
Questions and Answers
What is the main orientation of accounting?
What is the main orientation of accounting?
- Quantitative information (correct)
- Non-measurable information
- Qualitative information
- Nonfinancial information
Which type of reports are financial in nature?
Which type of reports are financial in nature?
- Financial accounting reports (correct)
- Management accounting reports
- Nonfinancial accounting reports
- Tax accounting reports
How does accounting affect decision making?
How does accounting affect decision making?
- It is irrelevant to decision making
- It provides necessary information for decision making (correct)
- It forces decisions on users
- It increases uncertainty in decision making
What is the style followed by accounting as an art to make its reporting more meaningful?
What is the style followed by accounting as an art to make its reporting more meaningful?
Which function of accounting ensures that all business transactions are recorded in an acceptable manner?
Which function of accounting ensures that all business transactions are recorded in an acceptable manner?
In what part of accounting are users of financial information able to assess functions like recording and classifying?
In what part of accounting are users of financial information able to assess functions like recording and classifying?
What is the primary purpose of accounting?
What is the primary purpose of accounting?
According to the Accounting Standards Council (ASC), accounting is primarily focused on providing:
According to the Accounting Standards Council (ASC), accounting is primarily focused on providing:
How does the Committee on Accounting Technology of the American Institute of Certified Public Accountants define accounting?
How does the Committee on Accounting Technology of the American Institute of Certified Public Accountants define accounting?
What is the role of American Accounting Association (AAA) in defining accounting?
What is the role of American Accounting Association (AAA) in defining accounting?
In the context of accounting, what does the term 'service activity' refer to?
In the context of accounting, what does the term 'service activity' refer to?
Why does the need for effective and efficient information from the accounting cycle increase?
Why does the need for effective and efficient information from the accounting cycle increase?
