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Commerce Exam Prep
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Commerce Exam Prep

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Questions and Answers

Which organization defines the meaning of 'Accounting' as 'an Art of Recording, Classifying & Summerizing, in a significant manner & in terms of Money Transactions & Events, which are in part at least of Financial character & interpreting result thereof'?

  • American Standards Council
  • American Institute of Certified Public Accountant (correct)
  • AICPA
  • ASC

    • What is the function of Accounting?

  • To provide qualitative information of financial nature of economic entities
  • To provide Quantitative information of financial nature of economic entities
  • To record, classify, and summarize financial transactions (correct)
  • To interpret the result of financial transactions

    • What is the name of the organization that defines the meaning of 'Accounting' as a service activity that provides quantitative information of financial nature of economic entities?

  • ASC
  • AICPA
  • American Institute of Certified Public Accountant
  • American Standards Council (correct)

    • What is the primary focus of Accounting?

    <p>Providing quantitative information</p> Signup and view all the answers

    Which organization's definition of 'Accounting' emphasizes on interpreting the result of financial transactions?

    <p>American Institute of Certified Public Accountant</p> Signup and view all the answers

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