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

question 304

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:

Analytical CRM

Customer Relationship Management focused on analyzing customer data and behaviors to improve business relationships and anticipate customer needs.

Operational CRM

A type of Customer Relationship Management focused on streamlining and improving the business operations that involve direct interaction with customers.

Bundling

The practice of selling multiple products or services together as a single combined unit, often at a discounted price.

Upselling

A sales technique where a seller induces the customer to purchase more expensive items, upgrades, or other add-ons in an attempt to make a more profitable sale.