BUSINESS ADMINISTRATION
FINANCIAL ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Inspires administrator to choose specific bookkeeping techniques in inclination to other people
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How the different components of bookkeeping ought to be estimated
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Regardless of whether there is a “genuine measure” of pay
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Empower the individual to get a right bookkeeping treatment
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Detailed explanation-1: -The most important aspect of accounting theory is usefulness. In the corporate finance world, this means that all financial statements should provide important information that can be used by financial statement readers to make informed business decisions.
Detailed explanation-2: -Ability to Analyze Data An organization’s financial data is one of its greatest assets. It can inform decisions in nearly every area of operations and is crucial for ensuring the ongoing success of the company. That’s why being able to compile and analyze raw financial data is a critical skill for accountants.
Detailed explanation-3: -Accounting is important as it keeps a systematic record of the organization’s financial information. Up-to-date records help users compare current financial information to historical data. With full, consistent, and accurate records, it enables users to assess the performance of a company over a period of time.
Detailed explanation-4: -These accounting concepts and principles are important because they make it possible to meet an essential objective of accounting: the transmission of reliable economic and financial information for those who read the accounts and other financial documents.