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Which of the following statements best describes accounting? a) An information system in which transactions with the companyWhich one of the following is not a qualitative characteristic of useful accounting information? Snipping Tool a) Going conceWhere in the financial statements would a user find out which accounting policies management has selected to use? a) Notes toThe Retained Earnings account is: a) Increased by both net income earned and dividends declared during the period b) Increase

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Answer #1

Which of the following best describes accounting?

Ans: (B) An information system in which the underlying economic conditions of the organization are recorded, summarised, and reported.

Explanation:

1) Its is prepared for management and various stakeholder such as investor, customer etc.

2) But, as per option (C) & ( D) it is prepared by management so both these statements are incorrect.

3) Generally it is prepared by accountants and not by management.

4) Accounting is process of recording,summarizing, analyzing, and reporting. Hence ( b) is the correct choice.

5) As per ( a) it is limited to recording, hence ( a) also does not describe accounting in best way.

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