INSTRUCTIONS: The following selections relate to distinguishing arguments from n

Question

INSTRUCTIONS: The following selections relate to distinguishing arguments from nonarguments and identifying conclusions. Select the best answer for each.

Developing accounting information in conformity with generally accepted accounting principles is called financial accounting, because this information is designed to summarize the financial position and operating results of a business entity. Financial accounting concepts apply to all types and sizes of business organizations. These concepts are useful to decision makers in both business and government in evaluating a wide range of economic issues.

Walter B. Meigs and Robert F. Meigs, Accounting, 6th ed.

Explanation / Answer

Answer : Option C

Argument, Conclusion : These concepts are useful ... economic issues

The given information explains about what is Financial accounting and its concepts to say that these concepts are very useful. The conclusion it says that these concepts helps in economics issues. Hence option C.

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