Which of the following best describes accounting?
A) Financial arithmetic
B) A process for recording financial transactions
C) The summarising and recording of useful financial information
Correct Answer:
Verified
Q5: Management are the only users of accounting
Q6: Accounting only applies to businesses.
Q7: The statement of financial position records:
A) Cash
Q8: Accounting information should alway s be:
A) Precise
Q9: All accounting information is numerical.
Q11: The statement of financial position is the
Q12: The income statement records:
A) All cash transactions
Q13: All users of accounts have the same
Q14: The income statement and the cash flow
Q15: A company's annual report only contains the
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