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Meaning Of Accounting - SS1 Accounting Past Questions and Answers - page 1

1

Which of the following best describes accounting?

A

The process of recording, classifying, summarizing, and interpreting financial transactions and events of an organization.

B

The process of managing human resources in an organization.

C

The process of developing marketing strategies for an organization.

D

The process of producing goods and services for an organization.

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2

What is the main goal of accounting?

A

To provide accurate and reliable information about an organization's financial position, performance, and cash flow.

B

To manage human resources in an organization.

C

To develop marketing strategies for an organization.

D

To produce goods and services for an organization.

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3

What are the activities involved in accounting?

A

Preparing financial statements, analyzing financial data, reconciling accounts, and complying with financial regulations and standards.

 

B

Managing human resources in an organization.

C

Developing marketing strategies for an organization.

D

Producing goods and services for an organization.

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4

Who uses the information provided by accounting?

A

Employees of the organization

B

Managers, investors, creditors, and other stakeholders.

 

C

Customers of the organization.

D

Competitors of the organization.

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5

Why is accounting important for the success and sustainability of any organization?

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6

What are the various activities involved in accounting?

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