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Introduction to Accounting: Definitions and Principles

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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?

Merchandising business Signup and view all the answers

How is economic information often measured in accounting?

By following GAAP (Generally Accepted Accounting Principles) Signup and view all the answers

What is one way accounting helps businesses?

To determine and manage costs Signup and view all the answers

Introduction to Accounting: Definitions and Principles

Choose a study mode

Podcast

Questions and Answers

What is the main purpose of accounting?

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

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

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

How is economic information often measured in accounting?

What is one way accounting helps businesses?

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