Foundational Accounting Concepts

Accounting has shifted from record-keeping to providing relevant information for decision-making. (correct)

Accounting is solely focused on financial record-keeping functions.

Accounting has become obsolete in today's rapidly changing business environment.

Accounting is now primarily concerned with book-keeping and financial reports.

To provide information for internal users only.

To provide relevant information for decision-making to both internal and external users. (correct)

To provide information for external users only.

To record financial transactions.

Only internal users.

Accounting information is not used by any users.

Only external users.

Both internal and external users. (correct)

<p>Meaning, need, objectives, and role.</p> Signup and view all the answers

<p>Accountants have shifted from being mere recorders of transactions to providing relevant information for decision-making.</p> Signup and view all the answers