BUSINESS ADMINISTRATION
FINANCIAL ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Language of business
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Is an end rather than a means to an end
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Useful for decision making
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Used by businesses, government, non-profit organizations and individuals
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Detailed explanation-1: -Answer: The answer is option C-is an end rather than a mean to end. Explanation: Accounting : it is the tactic of recording financial transactions per business. It is a language of business because it speaks about all the profits and loss and the income of the business.
Detailed explanation-2: -Accounting is not an end but rather a means to an end. Accounting gives information needed for decision making and that is the end of accounting but is the users who are going to decide on what, where, and how are they going to use the information giving for.
Detailed explanation-3: -Answer: externally focused does not describe management accounting.
Detailed explanation-4: -The last step in the accounting cycle is to make closing entries by finalizing expenses, revenues and temporary accounts at the end of the accounting period. This involves closing out temporary accounts, such as expenses and revenue, and transferring the net income to permanent accounts like retained earnings.