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What is the main purpose of double entry book-keeping?
What is the main purpose of double entry book-keeping?
- To interpret the financial results
- To report the financial position to stakeholders
- To classify and summarize financial information
- To monitor the progress of the business (correct)
In accounting, what does financial accounting primarily focus on?
In accounting, what does financial accounting primarily focus on?
- Classifying and summarizing financial information
- Maintaining a system of accounting records
- Reporting the financial position and performance to stakeholders (correct)
- Recording and communication of economic information to management
What is the main goal of cost and management accounting?
What is the main goal of cost and management accounting?
- Recording and communication of economic information to management for planning, control, and decision making (correct)
- Interpreting the financial results for stakeholders
- Maintaining a system of accounting records for business transactions
- Monitoring the progress of the business
What is recorded in a series of individual records called accounts in book-keeping?
What is recorded in a series of individual records called accounts in book-keeping?
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