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Introduction to Accounting and Businesses: Nature of Business and Accounting Ethics

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Introduction to Accounting and Businesses: Nature of Business and Accounting Ethics

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Questions and Answers

What is the primary role of accounting in business?

To market products effectively

To provide information for managers to operate the business (correct)

To maximize profit

To minimize expenses

In a manufacturing business, what is the main focus of the business?

Providing services

Selling products purchased from other businesses

Maximizing profit margins

Converting basic inputs into products for sale (correct)

What is the definition of profit in a business context?

The salaries of the employees

The amount paid to suppliers for inputs

The difference between total revenue and total expenses (correct)

The total revenue generated by the business

Which type of business primarily offers services to customers?

Service businesses Signup and view all the answers

What defines accounting in a business context?

An information system reporting on economic activities Signup and view all the answers

What is the main difference between managerial and financial accounting?

Managerial accounting provides information for internal users, while financial accounting provides information for external users. Signup and view all the answers

What are the two factors normally involved in accounting or business fraud?

Failure of Individual Character and Culture of Greed Signup and view all the answers

How can one behave ethically when faced with financial or other types of pressure?

Identify an ethical decision based on personal standards, consider consequences, make a fair decision. Signup and view all the answers

What opportunities are available for students majoring in accounting?

Opportunities are abundant due to increased regulation caused by accounting frauds. Signup and view all the answers

What is the primary role of ethics in accounting and management?

To guide individuals' conduct and ensure information provided is trustworthy and useful. Signup and view all the answers