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:

Somnambulism

A sleep disorder in which people walk or perform other activities while they are still asleep; commonly known as sleepwalking.

Insomnia

A sleep disorder characterized by difficulty falling asleep, staying asleep, or obtaining restorative sleep, leading to daytime impairment.

Pseudoinsomnia

A condition where individuals believe they have slept less than they actually have, often perceiving their sleep as insufficient or unrefreshing.

Sleep Apnoea

A condition disrupting normal sleep patterns due to interruptions in breathing or shallow breaths while asleep.