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CHAPTER ONE

Quiz by jovs

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5 questions
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  • Q1
    Accounting 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 by
    AICPA Committee on Accounting Terminology
    American Accounting Association
    Accounting Standards Council
    Board of Accountancy
    30s
  • Q2
    All of the following describe accounting, except
    An exact science rather than an art
    A service activity
    A universal language of business
    An information system
    30s
  • Q3
    The important points made in the definition of accounting include all of the following, except
    Accounting information is quantitative.
    Accounting information is financial in nature.
    Accounting information is useful in decision making.
    Accounting information is both quantitative and qualitative.
    30s
  • Q4
    This accounting process is the recognition or nonrecognition of business activities as accountable events.
    Identifying
    Communicating
    Reporting
    Measuring
    30s
  • Q5
    The events that affect and in which other entities
    Obligating Events
    Current Events
    External events
    Internal Events
    30s

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