Introduction to Accounting: Definitions and Principles
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Questions and Answers

What is the main purpose of accounting?

  • To increase business costs
  • To control business operations
  • To set selling prices
  • To identify, measure, and communicate economic information (correct)

    • Which of the following is NOT one of the four financial statements used in accounting?

  • Profit statement (correct)
  • Cash flow statement
  • Balance sheet
  • State of changes in equity

    • What are some factors that can cause changes in business environments?

  • Decreased regulations
  • Technological advances (correct)
  • Stagnant business activities
  • Reduced globalisation

    • Which type of business purchases goods to then resale to customers?

    <p>Merchandising business</p> Signup and view all the answers

    How is economic information often measured in accounting?

    <p>By following GAAP (Generally Accepted Accounting Principles)</p> Signup and view all the answers

    What is one way accounting helps businesses?

    <p>To determine and manage costs</p> Signup and view all the answers

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