All of the Following Statements Are Correct Except

question 221

Multiple Choice

All of the following statements are correct except

• A) Good decision-making depends on good information.
• B) A vital element in communicating economic events is the accountant's ability to analyze and interpret reported information.
• C) The origins of accounting are generally attributed to Socrates, a classical Greek philosopher, who promoted accounting as a social contract.
• D) The information that a user of financial information needs depends upon the kinds of decisions the user makes.

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Definitions:

Specific Date

A particular day singled out from others because of its significance or relevance to an event or action.

Supplies on Credit

The acquisition of business supplies with an agreement to pay the supplier at a later date.

Accounting Equation

The fundamental equation of double-entry bookkeeping, stating that assets equal liabilities plus equity (Assets = Liabilities + Equity).

Services Provided

Work performed by one party for another without the supply of tangible goods. Examples include consulting, marketing, maintenance, and legal services.