Connect Online Access for Financial Accounting
Connect Online Access for Financial Accounting
18th Edition
ISBN: 9781260706260
Author: Author
Publisher: Mcgraw-hill Higher Education (us)
bartleby

Concept explainers

bartleby

Videos

Question
Book Icon
Chapter 1, Problem 1STQ
To determine

Identify which term that does not describe the term accounting.

Expert Solution & Answer
Check Mark

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.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!
Knowledge Booster
Background pattern image
Accounting
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
Text book image
FINANCIAL ACCOUNTING
Accounting
ISBN:9781259964947
Author:Libby
Publisher:MCG
Text book image
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Text book image
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Text book image
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Text book image
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Text book image
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education
The ACCOUNTING EQUATION For BEGINNERS; Author: Accounting Stuff;https://www.youtube.com/watch?v=56xscQ4viWE;License: Standard Youtube License