Asked by Julia Lavier on Apr 24, 2024
Verified
The primary role of accounting is to determine the amount of taxes a business will be required to pay to taxing entities.
Taxes
Mandatory financial charges or levies imposed by a government on individuals or entities to fund public expenditures.
Taxing Entities
Governments or jurisdictions with the authority to impose taxes on individuals, corporations, property, or transactions.
- Recognize the importance of accounting in supplying information for the making of economic decisions by various participants.
Verified Answer
I1
IyMaani 1012477 days ago
Final Answer :
False
Explanation :
The primary role of accounting is to track and report a business's financial transactions, including revenue, expenses, assets, and liabilities. While accounting information is used to calculate taxes, its primary purpose is not focused solely on tax requirements.
Learning Objectives
- Recognize the importance of accounting in supplying information for the making of economic decisions by various participants.
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