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Recap of Accounting Process

Amit is recor...

Question

Amit is recording sales transactions in the accounting system so that they can be summarized in a logical manner for the purpose of providing financial information for decision-making. Amit is doing ___________.

A

Management Consulting

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B

Review

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C

Accounting

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D

Auditing

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Solution

The correct option is C Accounting
To review is to check the work already done/performed.

Management consulting refers to providing suggestions/ recommendations to the management to perform the business more effectively.

Auditing is examining.

Amit is doing none of the three but a simple accounting exercise.

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Similar questions

Q. Amit is recording sales transactions in the accounting system so that they can be summarized in a logical manner for the purpose of providing financial statement for decision-making. Amit is doing________.

Q. Assertion :Management accounting provides management with information for decision-making. Reason: Management accounting is a branch of cost accounting.

Q. _______ defined Accounting as the art of recording, classifying and summarizing in a significant manner and in terms of money, transactions and events which are, in part at least of a financial character, and interpreting the results thereafter.

Q. Accounting is "the art of recording, classifying and summarizing in a significant manner and in terms of money, transactions and events which are, in part at least, of a financial character and interpreting the results thereof". This definition is given by ______________________.

Accounting information system is not used for the purpose of decision making.

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