Although Accounting Has Several Specific Uses,the Overall Purpose of Accounting

question 76

Multiple Choice

Although accounting has several specific uses,the overall purpose of accounting can be summarized as:

• A)To provide financial information that is useful to decision makers.
• B)To meet the legal requirements of the Financial Accounting Standards Board FASB).
• C)To allow the government to track business activity levels.
• D)To compute the profit or loss and declared dividend of a business firm.

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Definitions:

Invertebrates

Animals that lack a vertebral column, or backbone, including species such as insects, arachnids, mollusks, and crustaceans.

Statoliths

Granules of loose sand or calcium carbonate found in statocysts.

Otoliths

Small calcium carbonate crystals in the saccule and utricle of the inner ear; sense gravity and are important in static equilibrium.

Stereocilia

Hairlike projections of hair cells; microvilli that contain actin filaments.