Role of Accounting

The purpose of Accounting is

• to make sound decisions

• to meet taxation requirements

• to provide financial information and advice

• to make money

Accounting is best described as:

• recording, analysing, collecting, reporting and interpreting information

• analysing, recording, collecting, interpreting and reporting information

• interpreting, collecting, reporting, recording and analysing information

• collecting, recording, reporting, analysing, and interpreting information

How many main types of Accountants exist

• 5

• 4

• 6

• 3

A public accountant is one who

• are employed by one particular business as a private employee

• works in academia, tertiary education or research

• who are employed by the Government

• works in busines for themselves

Which is not one of the main types of Accountant

• public accountant

• government accountant

• tax accountant

• private accountant

Accounting guarantees that the decision makers make the right decision

• true

• false

Good financial information will improve the chances of good decisions being made

• False

• True

Non financial information is best described as:

• monetary figures expressed in accounting reports

• Net Profit and Owner's equity

• cash at bank levels

• information not found in financial statements and is not expressed in dollars or cents

Users of accounting information need to think about how a decision will affect the finance of the business as well as the people and community with whom it is connected.

• true

• false

Ethical considerations is best described as:

• looking after the environment

• looking after the people

• social and environmental consequences of a financial decision

• the economic impact of the decision