Identify which term that does not describe the term accounting.

Question

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Answer 1

Question

Chapter 1, Problem 1STQ

To determine

Identify which term that does not describe the term accounting.

Expert Solution & Answer

Answer to Problem 1STQ

Option B (Is an end rather than a means to end) is the correct answer.

Explanation of Solution

Accounting:

Accounting is a system, or a process of collecting and organizing economic transactions, analysing, and summarizing the transactions into reports, and communicating the relevant information to the users.

Justification for incorrect answer:

Option A:

Accounting is used a tool for communicating the result of all type of business activities undertaken by the company, as a result they are described as the language of business. Option A stating accounting as language of business. Hence, this describes the term accounting. Therefore, Option A is an incorrect answer.

Option C:

Accounting helps in providing information that is useful for making good decisions. Option C stating “useful for decision making” describes the term accounting. Therefore, Option C is an incorrect answer.

Option D:

Accounting helps in providing information that is useful for making good decisions and Accounting is used a tool for communicating the result of all type of business activities undertaken by the company, it is used by business organization, governmental agencies, non-profit organizations, and individuals. Option D stating accounting used by the “business organizations, governmental agencies, non-profit organizations, and individuals” describes the term accounting. Therefore, Option D is an incorrect answer.

Justification for correct answer:

Option B:

Accounting helps in providing information that is useful for making good decisions. It is emphasized that accounting is “not an end”, but rather “it’s a mean to an end”. Option B stating “accounting is an end rather than a means to end” does not describe the term accounting. Therefore, Option B is the correct answer.

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Answer 2

Question

Chapter 1, Problem 1STQ

To determine

Identify which term that does not describe the term accounting.

Expert Solution & Answer

Answer to Problem 1STQ

Option B (Is an end rather than a means to end) is the correct answer.

Explanation of Solution

Accounting:

Accounting is a system, or a process of collecting and organizing economic transactions, analysing, and summarizing the transactions into reports, and communicating the relevant information to the users.

Justification for incorrect answer:

Option A:

Accounting is used a tool for communicating the result of all type of business activities undertaken by the company, as a result they are described as the language of business. Option A stating accounting as language of business. Hence, this describes the term accounting. Therefore, Option A is an incorrect answer.

Option C:

Accounting helps in providing information that is useful for making good decisions. Option C stating “useful for decision making” describes the term accounting. Therefore, Option C is an incorrect answer.

Option D:

Accounting helps in providing information that is useful for making good decisions and Accounting is used a tool for communicating the result of all type of business activities undertaken by the company, it is used by business organization, governmental agencies, non-profit organizations, and individuals. Option D stating accounting used by the “business organizations, governmental agencies, non-profit organizations, and individuals” describes the term accounting. Therefore, Option D is an incorrect answer.

Justification for correct answer:

Option B:

Accounting helps in providing information that is useful for making good decisions. It is emphasized that accounting is “not an end”, but rather “it’s a mean to an end”. Option B stating “accounting is an end rather than a means to end” does not describe the term accounting. Therefore, Option B is the correct answer.

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Answer 3

Question

Chapter 1, Problem 1STQ

To determine

Identify which term that does not describe the term accounting.

Expert Solution & Answer

Answer to Problem 1STQ

Option B (Is an end rather than a means to end) is the correct answer.

Explanation of Solution

Accounting:

Accounting is a system, or a process of collecting and organizing economic transactions, analysing, and summarizing the transactions into reports, and communicating the relevant information to the users.

Justification for incorrect answer:

Option A:

Accounting is used a tool for communicating the result of all type of business activities undertaken by the company, as a result they are described as the language of business. Option A stating accounting as language of business. Hence, this describes the term accounting. Therefore, Option A is an incorrect answer.

Option C:

Accounting helps in providing information that is useful for making good decisions. Option C stating “useful for decision making” describes the term accounting. Therefore, Option C is an incorrect answer.

Option D:

Accounting helps in providing information that is useful for making good decisions and Accounting is used a tool for communicating the result of all type of business activities undertaken by the company, it is used by business organization, governmental agencies, non-profit organizations, and individuals. Option D stating accounting used by the “business organizations, governmental agencies, non-profit organizations, and individuals” describes the term accounting. Therefore, Option D is an incorrect answer.

Justification for correct answer:

Option B:

Accounting helps in providing information that is useful for making good decisions. It is emphasized that accounting is “not an end”, but rather “it’s a mean to an end”. Option B stating “accounting is an end rather than a means to end” does not describe the term accounting. Therefore, Option B is the correct answer.

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Answer 4

Question

Chapter 1, Problem 1STQ

To determine

Identify which term that does not describe the term accounting.

Expert Solution & Answer

Answer to Problem 1STQ

Option B (Is an end rather than a means to end) is the correct answer.

Explanation of Solution

Accounting:

Accounting is a system, or a process of collecting and organizing economic transactions, analysing, and summarizing the transactions into reports, and communicating the relevant information to the users.

Justification for incorrect answer:

Option A:

Accounting is used a tool for communicating the result of all type of business activities undertaken by the company, as a result they are described as the language of business. Option A stating accounting as language of business. Hence, this describes the term accounting. Therefore, Option A is an incorrect answer.

Option C:

Accounting helps in providing information that is useful for making good decisions. Option C stating “useful for decision making” describes the term accounting. Therefore, Option C is an incorrect answer.

Option D:

Accounting helps in providing information that is useful for making good decisions and Accounting is used a tool for communicating the result of all type of business activities undertaken by the company, it is used by business organization, governmental agencies, non-profit organizations, and individuals. Option D stating accounting used by the “business organizations, governmental agencies, non-profit organizations, and individuals” describes the term accounting. Therefore, Option D is an incorrect answer.

Justification for correct answer:

Option B:

Accounting helps in providing information that is useful for making good decisions. It is emphasized that accounting is “not an end”, but rather “it’s a mean to an end”. Option B stating “accounting is an end rather than a means to end” does not describe the term accounting. Therefore, Option B is the correct answer.

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Answer 5

Chapter 1, Problem 1STQ

To determine

Identify which term that does not describe the term accounting.

Expert Solution & Answer

Answer to Problem 1STQ

Option B (Is an end rather than a means to end) is the correct answer.

Explanation of Solution

Accounting:

Accounting is a system, or a process of collecting and organizing economic transactions, analysing, and summarizing the transactions into reports, and communicating the relevant information to the users.

Justification for incorrect answer:

Option A:

Accounting is used a tool for communicating the result of all type of business activities undertaken by the company, as a result they are described as the language of business. Option A stating accounting as language of business. Hence, this describes the term accounting. Therefore, Option A is an incorrect answer.

Option C:

Accounting helps in providing information that is useful for making good decisions. Option C stating “useful for decision making” describes the term accounting. Therefore, Option C is an incorrect answer.

Option D:

Accounting helps in providing information that is useful for making good decisions and Accounting is used a tool for communicating the result of all type of business activities undertaken by the company, it is used by business organization, governmental agencies, non-profit organizations, and individuals. Option D stating accounting used by the “business organizations, governmental agencies, non-profit organizations, and individuals” describes the term accounting. Therefore, Option D is an incorrect answer.

Justification for correct answer:

Option B:

Accounting helps in providing information that is useful for making good decisions. It is emphasized that accounting is “not an end”, but rather “it’s a mean to an end”. Option B stating “accounting is an end rather than a means to end” does not describe the term accounting. Therefore, Option B is the correct answer.

Answer 6

Chapter 1, Problem 1STQ

To determine

Identify which term that does not describe the term accounting.

Expert Solution & Answer

Answer to Problem 1STQ

Option B (Is an end rather than a means to end) is the correct answer.

Explanation of Solution

Accounting:

Accounting is a system, or a process of collecting and organizing economic transactions, analysing, and summarizing the transactions into reports, and communicating the relevant information to the users.

Justification for incorrect answer:

Option A:

Accounting is used a tool for communicating the result of all type of business activities undertaken by the company, as a result they are described as the language of business. Option A stating accounting as language of business. Hence, this describes the term accounting. Therefore, Option A is an incorrect answer.

Option C:

Accounting helps in providing information that is useful for making good decisions. Option C stating “useful for decision making” describes the term accounting. Therefore, Option C is an incorrect answer.

Option D:

Accounting helps in providing information that is useful for making good decisions and Accounting is used a tool for communicating the result of all type of business activities undertaken by the company, it is used by business organization, governmental agencies, non-profit organizations, and individuals. Option D stating accounting used by the “business organizations, governmental agencies, non-profit organizations, and individuals” describes the term accounting. Therefore, Option D is an incorrect answer.

Justification for correct answer:

Option B:

Accounting helps in providing information that is useful for making good decisions. It is emphasized that accounting is “not an end”, but rather “it’s a mean to an end”. Option B stating “accounting is an end rather than a means to end” does not describe the term accounting. Therefore, Option B is the correct answer.

Answer 7

Chapter 1, Problem 1STQ

To determine

Identify which term that does not describe the term accounting.

Answer 8

Expert Solution & Answer

Answer to Problem 1STQ

Option B (Is an end rather than a means to end) is the correct answer.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Explanation of Solution

Accounting:

Accounting is a system, or a process of collecting and organizing economic transactions, analysing, and summarizing the transactions into reports, and communicating the relevant information to the users.

Justification for incorrect answer:

Option A:

Accounting is used a tool for communicating the result of all type of business activities undertaken by the company, as a result they are described as the language of business. Option A stating accounting as language of business. Hence, this describes the term accounting. Therefore, Option A is an incorrect answer.

Option C:

Accounting helps in providing information that is useful for making good decisions. Option C stating “useful for decision making” describes the term accounting. Therefore, Option C is an incorrect answer.

Option D:

Accounting helps in providing information that is useful for making good decisions and Accounting is used a tool for communicating the result of all type of business activities undertaken by the company, it is used by business organization, governmental agencies, non-profit organizations, and individuals. Option D stating accounting used by the “business organizations, governmental agencies, non-profit organizations, and individuals” describes the term accounting. Therefore, Option D is an incorrect answer.

Justification for correct answer:

Option B:

Accounting helps in providing information that is useful for making good decisions. It is emphasized that accounting is “not an end”, but rather “it’s a mean to an end”. Option B stating “accounting is an end rather than a means to end” does not describe the term accounting. Therefore, Option B is the correct answer.