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Business 101 Midterm 2 Questions and Answers | Already passed | Latest Update
Preview 4 out of 48 pages
What is accounting? : An information system that: 1) MEASURES business activities (performance/profitability, financial position, and cash flows) 2) ORGANIZES this data into usable information 3) ANALYZES this information (key) "The Language of Business" : Communicate, Describe (tell stories), Comprehend Without fluency in accounting there is no ability to? : Assess (gauge performance, position, etc Analyze and understand Describe or predict What is accounting not? : only about the numbers 2 knowing the rules maintaining records Accounting is more like a profession like a law firm (T/F) : True It's about research, interpretation, precedent, analysis, judgement, ethic
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