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Questions and Answers
What is the main purpose of accounting?
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?
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?
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?
Which type of business purchases goods to then resale to customers?
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How is economic information often measured in accounting?
How is economic information often measured in accounting?
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What is one way accounting helps businesses?
What is one way accounting helps businesses?
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