6 Questions
What is the main purpose of accounting?
To identify, measure, and communicate economic information
Which of the following is NOT one of the four financial statements used in accounting?
Profit statement
What are some factors that can cause changes in business environments?
Technological advances
Which type of business purchases goods to then resale to customers?
Merchandising business
How is economic information often measured in accounting?
By following GAAP (Generally Accepted Accounting Principles)
What is one way accounting helps businesses?
To determine and manage costs
Learn about the basic concepts of accounting including economic information, measurement, communication, and the importance of using accounting principles like GAAP. Explore the different financial statements used by businesses for reporting.
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