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Financial accounting 16th Edition by Jan Williams,Susan Haka,Mark Bettner ,Joseph Carcello
النسخة 16الرقم المعياري الدولي: 978-0077862381Financial accounting 16th Edition by Jan Williams,Susan Haka,Mark Bettner ,Joseph Carcello
النسخة 16الرقم المعياري الدولي: 978-0077862381 تمرين 1
Purposes of an accounting system include all of the following except:
a.nterpret and record the effects of business transactions.
b.lassify the effects of transactions to facilitate the preparation of reports.
c.ummarize and communicate information to decision makers.
d.ictate the specific types of business transactions that the enterprise may engage in.
a.nterpret and record the effects of business transactions.
b.lassify the effects of transactions to facilitate the preparation of reports.
c.ummarize and communicate information to decision makers.
d.ictate the specific types of business transactions that the enterprise may engage in.
التوضيح
موثّق
موثّق
Introduction to the Concept(s) to be used in the solution:
Main objectives of accounting system in order to evolve details pertaining to business activities of an entity are:
1. Decipher and then document the impact of business activities.
2. Systematically categorize the impact of activities that are alike in a way that allows ascertainment of different totals along with subtotals helpful to entity and utilized in reports related with the field of accounting.
3. Sum up and convey the details held within the accounting system to the users of such details for the purpose of making accurate decisions.
Main Solution:
First, analyze the situation with the help of above explanation of related concept(s) and then reach to a conclusion in the following manner:
Analysis:
As per the above discussed objectives of an accounting system, following can be deduced:
a. In order to evolve details pertaining to business activities of an entity, the very first aim of accounting system is 'to decipher and then document the impact of business activities' (refer point 1 in above explanation of concept).
Hence, it can be said with full certainty that 'point a' given in question is one of the purposes for an entity's accounting system.
b. In order to evolve details pertaining to business activities of an entity, the second goal of accounting system is 'to systematically categorize the impact of activities that are alike in a way that allows ascertainment of different totals along with subtotals helpful to entity and utilized in reports related with the field of accounting' (refer point 2 in above explanation of concept).
Hence, it can be said with firm conviction that 'point b' given in question is one of the purposes for an entity's accounting system.
c. In order to evolve details pertaining to business activities of an entity, the third objective of accounting system is 'to sum up and convey the details held within the accounting system to the users of such details for the purpose of making accurate decisions' (refer point 3 in above explanation of concept).
Hence, it can be said with firm certainty that 'point c' given in question is one of the purposes for an entity's accounting system.
d. Except the above discussed points ( point a, b and c ) on the basis of explanations provided in point 1, 2 and 3 respectively, there is no other basic purpose for an entity's accounting system. Therefore, it can be deduced with complete conviction that ' point d' given in the question is not one of the purposes for an entity's accounting system.
Conclusion:
On the basis of above analysis, it can be concluded without a trace of doubt that objectives of an entity's accounting system includes all the points given in the question except
which is definitely not one of the purposes for an entity's accounting system.
Main objectives of accounting system in order to evolve details pertaining to business activities of an entity are:
1. Decipher and then document the impact of business activities.
2. Systematically categorize the impact of activities that are alike in a way that allows ascertainment of different totals along with subtotals helpful to entity and utilized in reports related with the field of accounting.
3. Sum up and convey the details held within the accounting system to the users of such details for the purpose of making accurate decisions.
Main Solution:
First, analyze the situation with the help of above explanation of related concept(s) and then reach to a conclusion in the following manner:
Analysis:
As per the above discussed objectives of an accounting system, following can be deduced:
a. In order to evolve details pertaining to business activities of an entity, the very first aim of accounting system is 'to decipher and then document the impact of business activities' (refer point 1 in above explanation of concept).
Hence, it can be said with full certainty that 'point a' given in question is one of the purposes for an entity's accounting system.
b. In order to evolve details pertaining to business activities of an entity, the second goal of accounting system is 'to systematically categorize the impact of activities that are alike in a way that allows ascertainment of different totals along with subtotals helpful to entity and utilized in reports related with the field of accounting' (refer point 2 in above explanation of concept).
Hence, it can be said with firm conviction that 'point b' given in question is one of the purposes for an entity's accounting system.
c. In order to evolve details pertaining to business activities of an entity, the third objective of accounting system is 'to sum up and convey the details held within the accounting system to the users of such details for the purpose of making accurate decisions' (refer point 3 in above explanation of concept).
Hence, it can be said with firm certainty that 'point c' given in question is one of the purposes for an entity's accounting system.
d. Except the above discussed points ( point a, b and c ) on the basis of explanations provided in point 1, 2 and 3 respectively, there is no other basic purpose for an entity's accounting system. Therefore, it can be deduced with complete conviction that ' point d' given in the question is not one of the purposes for an entity's accounting system.
Conclusion:
On the basis of above analysis, it can be concluded without a trace of doubt that objectives of an entity's accounting system includes all the points given in the question except
which is definitely not one of the purposes for an entity's accounting system.
Financial accounting 16th Edition by Jan Williams,Susan Haka,Mark Bettner ,Joseph Carcello
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