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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?
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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.
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.
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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
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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?
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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?.
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?.
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