CHAPTER ONE
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- Q1Accounting is a service activity and its function is to provide quantitative information primarily financial in nature about economic entities, that is intended to be useful in making economic decision. This accounting definition given byAICPA Committee on Accounting TerminologyAmerican Accounting AssociationAccounting Standards CouncilBoard of Accountancy30s
- Q2All of the following describe accounting, exceptAn exact science rather than an artA service activityA universal language of businessAn information system30s
- Q3The important points made in the definition of accounting include all of the following, exceptAccounting information is quantitative.Accounting information is financial in nature.Accounting information is useful in decision making.Accounting information is both quantitative and qualitative.30s
- Q4This accounting process is the recognition or nonrecognition of business activities as accountable events.IdentifyingCommunicatingReportingMeasuring30s
- Q5The events that affect and in which other entitiesObligating EventsCurrent EventsExternal eventsInternal Events30s