Essay
The following answers point out the key phrases that should appear in students’ answers. They are not intended to be examples of complete student responses. It might be helpful to provide detailed instructions to students on how brief or in-depth you want their answers to be.
171. Define accounting. Describe the two primary functions of financial accounting and its role in our society.
172. Describe the three fundamental business activities that accountants measure. What account classifications are typically associated with each type of business activity?
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