Although accounting has several specific uses, the overall purpose of accounting can be summarized as
A: to provide financial information that is useful to decision makers.
B: to meet the legal requirements of the Financial Accounting Standards Board (FASB).
C: to allow the government to track business activity levels.
D: to compute the profit or loss and declared dividend of a business firm.
A: to provide financial information that is useful to decision makers.
B: to meet the legal requirements of the Financial Accounting Standards Board (FASB).
C: to allow the government to track business activity levels.
D: to compute the profit or loss and declared dividend of a business firm.
举一反三
- The<br/>Financial Accounting Standards Board has the responsibility for<br/>setting accounting and financial reporting standards for ( ) A: All federal and state<br/>organizations. B: All not-for-profit<br/>organizations that are nongovernmental and business entities. C: All not-for-profit organizations. D: Both B) and C) are correct.
- All of the following statements regarding accounting information systems are true except: A: Accounting information systems collect and process data from transactions and events. B: Accounting information systems organize data in useful forms. C: Accounting information systems do not establish internal control procedures. D: Accounting information systems are crucial to effective decision making. E: Accounting information systems communicate information to business decision makers.
- All of the following statements regarding accounting information systems are true except: A: Accounting information systems do not establish internal control procedures. B: Accounting information systems collect and process data from transactions and events. C: Accounting information systems are crucial to effective decision making. D: Accounting information systems communicate information to business decision makers.
- Who issues International Financial Reporting Standards? A: The IFRS Advisory Committee B: The stock exchange C: The International Accounting Standards Board D: The government
- The financial information provided by an accounting system is needed by managerial decision makers to help them plan and control the activities of the economic entity.