BUSINESS ADMINISTRATION
FINANCIAL ACCOUNTING
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Interpret and record the effects of business transactions
|
|
|
Classify the effects of transactions to facilitate preparation of reports.
|
|
|
Dictate the specific types of business transactions that the enterprise may engage in
|
|
|
Summarize and communicate the information to decision makers.
|
Detailed explanation-1: -d)Dictate the specific types of business enterprise transactions that the enterprises may engage in. Correct answer is option ‘D’. Can you explain this answer?. Solutions for Purposes of an accounting system include all the following excepta)Interpret and record the effects of business transaction.
Detailed explanation-2: -An accounting system allows a business to keep track of all types of financial transactions, including purchases (expenses), sales (invoices and income), liabilities (funding, accounts payable), etc.
Detailed explanation-3: -To provide information about the private assets and liabilities of the proprietor is not an objective of accounting. Accounting is the process of recording the financial deals of a business undertaking.
Detailed explanation-4: -The 3 Accounting Systems (cost, Managerial, And Financial Accounting)