Accounting for Decision Makers - C213 Question and Answers 100% Correct

Accounting for Decision Makers - C213 Question and Answers 100% Correct Bookkeeping - is the preservation of a systematic, quantitative record of an activity Accounting - A system of providing "quantitative information, primarily financial in nature, about economic entities that is intended to be useful in making economic decisions." The key features of this definition are the following: Numbers: Accounting is quantitative. This is a strength because numbers can be easily tabulated and summarized. It is a weakness because some important business events, such as a toxic waste spill and the associated lawsuits and countersuits, cannot be easily described by one or two numbers. A financial dimension: The status and performance of a business is affected by and reflected in many dimensions—financial, personal relationships, community and environmental impact, and public image. Accounting focuses on just the financial dimension