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Which of the following is the most correct definition of accounting? Correct Answer A system for providing quantitative information, primarily financial in nature, about economic entities that is intended to be useful in making economic decisions
What is NOT typically true of accounting information? Correct Answer The information relates to future time periods.
Which is NOT a key component of the definition of accounting? Correct Answer Qualitative
What is true about the double-entry system of bookkeeping? Correct Answer It was developed in the 1300s−1400s in Italy.
Businesses use accounting systems to Correct Answer Analyze transactions; Handle routine bookkeeping tasks; Evaluate performance and health of the business.
What is not a function of accounting? Correct Answer Executing sales transactions for organizations
What is NOT one of the three primary financial statements? Correct Answer Statement of retained earnings
Generally accepted accounting principles are Correct Answer Developed by accounting rule makers
The initials GAAP stand for Correct Answer Generally Accepted Accounting Principles
The current standard-setting board for accounting in the private sector is the Correct Answer Financial Accounting Standards Board (FASB)
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