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ACC/290T The Purpose of Accounting questions with actual answers.
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ACC/290T The Purpose of Accounting questions with actual answers.

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  • August 29, 2024
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  • 2024/2025
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  • acc290t the purpose of accounting questions with

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  • Accounting 101
  • Accounting 101

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ACC/290T The Purpose of Accounting
questions with actual answers.

Which of the following is typically true of accounting information? ANS - The information is primarily
financial in nature.



Businesses use accounting systems to: ANS - All of these are correct.



Which of the following is the most correct definition of accounting? ANS - A system for providing
quantitative information, primarily financial in nature, about economic entities that is intended to be
useful in making economic decisions.



Which of the following is a key component of the definition of accounting? ANS - Financial



Which of the following is an important step in the decision-making process? ANS - Gathering
information



Accounting can be best described as a: ANS - Service activity



Which of the following is a typical source of monetary resources for a business enterprise? ANS -
Business earnings



Accountants typically perform what action related to the financial results of business activities? ANS -
Both report the results of and advise on how to structure business activities.



The accounting cycle includes all of the following, EXCEPT: ANS - Interpreting



Accounting is often called the: ANS - Language of business

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