Which of the Following Statements Best Describes the Accounting Profession

question 32

Multiple Choice

Which of the following statements best describes the accounting profession?

• A) Certified Management Accountants work for local, provincial, and national agencies.
• B) Accountants do not need a degree to obtain their designation.
• C) Accountants are typically classified as one of three professional designations.
• D) Accountants need a master's degree to obtain their designation.

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Definitions:

Revenue Journal

An accounting ledger dedicated to recording sales transactions that generate revenue for a business.

Account

An accounting form that is used to record the increases and decreases in each financial statement item.

General Ledger

General Ledger is a comprehensive accounting record of all financial transactions that have occurred within a company over a period of time, serving as the foundation for financial statements.

Balance Sheet

A financial statement that provides a snapshot of a company's financial position at a specific point in time, showing assets, liabilities, and shareholders' equity.