Accounting is an information and measurement system that:
a. Identifies business activities.
b. Records business activities.
c. Communicates business activities.
d. Helps people make better decisions.
e. All of these.
Answer: e. All of these.
You might also like to view...
Recognizing a valuation allowance for a deferred tax asset requires that a company:
a. consider all positive and negative information in determining the need for a valuation allowance. b. consider only the positive information in determining the need for a valuation allowance. c. take an aggressive approach in its tax planning. d. pass a recognition threshold, after assuming that it will be audited by taxing authorities.
A business's responsibilities to its owners and investors include
A. protecting the owners' rights and investments. B. maintaining proper accounting procedures. C. providing all relevant information about current and projected performance of the firm. D. maximizing their investment in the firm. E. all of the answers are correct.