CA Foundation Exam  >  CA Foundation Questions  >  Purposes of an accounting system include all ... Start Learning for Free
Purposes of an accounting system include all the following except
  • a)
    Interpret and record the effects of business transaction.
  • b)
    Classify the effects of transactions to facilitate the preparation of reports.
  • c)
    Summarize and communicate information to decision makers.
  • d)
    Dictate the specify types of business enterprise transactions that the enterprises may engage in.
Correct answer is option 'D'. Can you explain this answer?
Verified Answer
Purposes of an accounting system include all the following excepta)Int...
The purpose of accounting is to accumulate and report on financial information about the performance, financial position, and cash flows of a business. This information is then used to reach decisions about how to manage the business, or invest in it, or lend money to it. This information is accumulated in accounting records with accounting transactions, which are recorded either through such standardized business transactions as customer invoicing or supplier invoices, or through more specialized transactions, known as journal entries.
accounting involves recording, classifying, summarizing, and interpreting financial information.So it does not define which type of business transactions  that the enterprise must engage in.
View all questions of this test
Most Upvoted Answer
Purposes of an accounting system include all the following excepta)Int...
The purpose of accounting is to accumulate and report on financial information about the performance, financial position, and cash flows of a business. This information is then used to reach decisions about how to manage the business, or invest in it, or lend money to it. This information is accumulated in accounting records with accounting transactions, which are recorded either through such standardized business transactions as customer invoicing or supplier invoices, or through more specialized transactions, known as journal entries.
accounting involves recording, classifying, summarizing, and interpreting financial information.So it does not define which type of business transactions  that the enterprise must engage in.
Free Test
Community Answer
Purposes of an accounting system include all the following excepta)Int...
We know accounting first record transactions of monetary terms,then clasdify them,then summarize them,then Itrepret and communicate information to its users.but option D is not a purpose of accounting system
Explore Courses for CA Foundation exam
Purposes of an accounting system include all the following excepta)Interpret and record the effects of business transaction.b)Classify the effects of transactions to facilitate the preparation of reports.c)Summarize and communicate information to decision makers.d)Dictate the specify types of business enterprise transactions that the enterprises may engage in.Correct answer is option 'D'. Can you explain this answer?
Question Description
Purposes of an accounting system include all the following excepta)Interpret and record the effects of business transaction.b)Classify the effects of transactions to facilitate the preparation of reports.c)Summarize and communicate information to decision makers.d)Dictate the specify types of business enterprise transactions that the enterprises may engage in.Correct answer is option 'D'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Purposes of an accounting system include all the following excepta)Interpret and record the effects of business transaction.b)Classify the effects of transactions to facilitate the preparation of reports.c)Summarize and communicate information to decision makers.d)Dictate the specify types of business enterprise transactions that the enterprises may engage in.Correct answer is option 'D'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Purposes of an accounting system include all the following excepta)Interpret and record the effects of business transaction.b)Classify the effects of transactions to facilitate the preparation of reports.c)Summarize and communicate information to decision makers.d)Dictate the specify types of business enterprise transactions that the enterprises may engage in.Correct answer is option 'D'. Can you explain this answer?.
Solutions for Purposes of an accounting system include all the following excepta)Interpret and record the effects of business transaction.b)Classify the effects of transactions to facilitate the preparation of reports.c)Summarize and communicate information to decision makers.d)Dictate the specify types of business enterprise transactions that the enterprises may engage in.Correct answer is option 'D'. Can you explain this answer? in English & in Hindi are available as part of our courses for CA Foundation. Download more important topics, notes, lectures and mock test series for CA Foundation Exam by signing up for free.
Here you can find the meaning of Purposes of an accounting system include all the following excepta)Interpret and record the effects of business transaction.b)Classify the effects of transactions to facilitate the preparation of reports.c)Summarize and communicate information to decision makers.d)Dictate the specify types of business enterprise transactions that the enterprises may engage in.Correct answer is option 'D'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of Purposes of an accounting system include all the following excepta)Interpret and record the effects of business transaction.b)Classify the effects of transactions to facilitate the preparation of reports.c)Summarize and communicate information to decision makers.d)Dictate the specify types of business enterprise transactions that the enterprises may engage in.Correct answer is option 'D'. Can you explain this answer?, a detailed solution for Purposes of an accounting system include all the following excepta)Interpret and record the effects of business transaction.b)Classify the effects of transactions to facilitate the preparation of reports.c)Summarize and communicate information to decision makers.d)Dictate the specify types of business enterprise transactions that the enterprises may engage in.Correct answer is option 'D'. Can you explain this answer? has been provided alongside types of Purposes of an accounting system include all the following excepta)Interpret and record the effects of business transaction.b)Classify the effects of transactions to facilitate the preparation of reports.c)Summarize and communicate information to decision makers.d)Dictate the specify types of business enterprise transactions that the enterprises may engage in.Correct answer is option 'D'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice Purposes of an accounting system include all the following excepta)Interpret and record the effects of business transaction.b)Classify the effects of transactions to facilitate the preparation of reports.c)Summarize and communicate information to decision makers.d)Dictate the specify types of business enterprise transactions that the enterprises may engage in.Correct answer is option 'D'. Can you explain this answer? tests, examples and also practice CA Foundation tests.
Explore Courses for CA Foundation exam

Top Courses for CA Foundation

Explore Courses
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
10M+ students study on EduRev