Accounting is sometimes described as the language of business. What is meant by this description?
Answer to relevant QuestionsWhat kinds of organizations, in addition to businesses, use accounting information?What do we mean when we say that an accounting system needs to be “cost-effective”?Going from general to specific, what are the three primary objectives of financial accounting information?What are several examples of internal, management-prepared information that ordinarily would not be communicated externally?Why does slate possess a good rock cleavage and break into flat pieces? (See Figs. 6.1 and 6.2.)
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