An Accounting Method That Is Specifically Intended to Be Used

question 94

Multiple Choice

An accounting method that is specifically intended to be used for planning,directing,and controlling a business is called:

• A) tax accounting.
• B) managerial accounting.
• C) benchmarking.
• D) forensic accounting.

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Definitions:

Ordinary Interest

Interest calculated based on a 360-day year, often used in banking for loans and savings.

Exact Interest

Interest calculated based on the actual number of days in a year or a specific time period, often used in financial transactions.

Exact Interest

A precise calculation of interest accrual that adheres strictly to the actual number of days in the calendar year, often set at 365 or 366 days.

365-Day Year

A time reckoning method that accounts for all the days in a common, non-leap year, used in various financial and calendar calculations.