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Commerce Exam Prep

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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

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'?

What is the function of Accounting?

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?

What is the primary focus of Accounting?

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

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