The Role of Accounting Is to Provide Many Different Users

question 211

True/False

The role of accounting is to provide many different users with financial information to make economic decisions.

---

Definitions:

Depreciated

The decrease in the value of an asset over time, typically due to wear and tear or obsolescence.

Equipment

Tools, machinery, or other apparatus necessary for the manufacture of goods, provision of services, or office operations.

Accrued Expense

An expense that has been incurred but not yet paid for.

Adjusting Entry

A journal entry made at the end of an accounting period to account for unrecorded transactions or to adjust incorrect entries.