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Questions and Answers
What does 'event' refer to in accounting?
What does 'event' refer to in accounting?
- An agreement
- A non-financial transaction
- A happening as a consequence of a transaction (correct)
- A business performance
What does accounting involve?
What does accounting involve?
- Summarizing non-financial transactions
- Classifying and summarizing non-financial events
- Recording, classifying, and summarizing financial transactions and events (correct)
- Recording only financial transactions
What is the result of both business transaction and activity performed?
What is the result of both business transaction and activity performed?
- Human effort
- Business event
- No human effort
- Event (correct)
What is the purpose of interpreting the results of financial transactions and events?
What is the purpose of interpreting the results of financial transactions and events?
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What is the procedural aspect of accounting based on?
What is the procedural aspect of accounting based on?
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