ACCT 2311 FINAL CH 1-11 Questions and Answers Grade A+ 2023

-52) What is the primary purpose of financial accounting? A) Determine the amount of tax liability owed to the government. B) Communicate business activities to internal management. C) Measure business activities and communicate those measures to external users to make decisions. D) Measure the profitability of the company in order to assist employees with making decisions. - --ch 1 Answer: C -53) The primary purpose(s) of financial accounting is(are) to: A) Measure and record business transactions. B) Prepare federal and state tax returns. C) Communicate financial results to investors and creditors. D) Both measure and communicate financial information to external parties. - --ch 1 Answer: D -54) Which definition below best describes financial accounting? A) Process of measuring income taxes owed to the government. B) System of maintaining communication with a company's customers and suppliers. C) Procedures designed to enhance the company's image to potential investors. D) Measuring business