Why is it important that FINANCIAL accounting provide a common set of standards that are used by all companies in preparing their financial statements? So that outsiders can compare financial reports coming from many different companies To provide standardized data used in computing government statistics So that income taxes can be collected in a fair and equitable fashion To serve the competitive needs of companies working to uniquely serve specific customers in specific markets 2 Businesses use accounting systems to: Handle routine bookkeeping tasks Evaluate the performance and health of the business All of these are correct Analyze transactions
Why is it important that FINANCIAL accounting provide a common set of standards that are used by all companies in preparing their financial statements? So that outsiders can compare financial reports coming from many different companies To provide standardized data used in computing government statistics So that income taxes can be collected in a fair and equitable fashion To serve the competitive needs of companies working to uniquely serve specific customers in specific markets 2 Businesses use accounting systems to: Handle routine bookkeeping tasks Evaluate the performance and health of the business All of these are correct Analyze transactions
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Qq.5.
Transcribed Image Text:Why is it important that FINANCIAL accounting provide a common set of standards that are used by all companies in preparing their financial statements?
So that outsiders can compare financial reports coming from many different companies
To provide standardized data used in computing government statistics
So that income taxes can be collected in a fair and equitable fashion
To serve the competitive needs of companies working to uniquely serve specific customers in specific markets
2
Businesses use accounting systems to:
Handle routine bookkeeping tasks
Evaluate the performance and health of the business
All of these are correct
Analyze transactions
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