For the individual, accounting has at least three functions. They are:
A) planning, buying and selling.
B) planning, decision support and spending.
C) saving, controlling and buying.
D) planning, controlling and decision support.

Question

Quizplus · Accepted Answer

Accounting has three functions for the individual: planning, controlling and decision support. Planning involves setting financial goals and creating a budget to achieve those goals. Controlling involves monitoring expenses and income to ensure that the budget is not exceeded. Decision support involves using accounting information to make informed financial decisions. None of the other choices accurately describe the functions of accounting for individuals.

For the Individual, Accounting Has at Least Three Functions