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Nature of Accounting
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Nature of Accounting

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Questions and Answers

What is the primary purpose of accounting?

  • To record and interpret financial transactions (correct)
  • To oversee marketing operations
  • To manage human resources
  • To provide legal advice to businesses

    • How can the nature of accounting be described?

  • As a natural phenomenon
  • As a form of entertainment
  • As an art, science, ideology, and information system (correct)
  • As a physical entity

    • What are the main functions of accounting?

  • Prepare financial statements, provide legal advice
  • Manage internal communications, oversee marketing operations
  • Manage human resources, oversee sales operations
  • Store and analyze financial information, oversee monetary transactions (correct)

    • What does accounting help in?

    <p>Decision-making, planning, controlling, and evaluating business operations and performance</p> Signup and view all the answers

    What does the history of accounting trace back to?

    <p>Ancient civilizations such as Mesopotamia, Egypt, Babylon, India, and China</p> Signup and view all the answers

    Which of the following is NOT a function of accounting?

    <p>Oversee production operations</p> Signup and view all the answers

    What ensures the reliability and comparability of accounting information?

    <p>Principles and standards followed in accounting</p> Signup and view all the answers

    What does accounting communicate about a business or entity?

    <p>Economic activities and performance</p> Signup and view all the answers

    From which ancient civilization can the history of accounting be traced back to?

    <p>Egypt</p> Signup and view all the answers

    What is the primary purpose of interpreting financial transactions?

    <p>To understand the economic activities and performance of a business or an entity.</p> Signup and view all the answers

    Accounting involves the application of skills and techniques to record and report financial data in a systematic and meaningful way.

    <p>True</p> Signup and view all the answers

    The nature of accounting can be described from different perspectives, such as art, science, ideology, language, historical record, commodity, economic reality, and information system.

    <p>True</p> Signup and view all the answers

    Accounting helps in the decision-making, planning, controlling, and evaluating of the business operations and performance.

    <p>True</p> Signup and view all the answers

    The history of accounting can be traced back to ancient civilizations, such as Mesopotamia, Egypt, Babylon, India, and China.

    <p>True</p> Signup and view all the answers

    Accounting stores and analyzes financial information, oversees monetary transactions, prepares financial statements, and provides financial advice.

    <p>True</p> Signup and view all the answers

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