Financial Accounting and Reporting Quiz
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Questions and Answers

Which organization is mentioned in the text?

  • American Accounting Association
  • Jose Rizal University
  • Accounting Standa
  • Junior Philippine Institute of Accountants (correct)

    • What is the definition of accounting according to the American Accounting Association?

  • A language used by business people to discuss money, property, and industry
  • A service activity that provides quantitative financial information
  • An activity that involves dividing a common fund among people
  • The art of recording, classifying, and summarizing transactions and events (correct)

    • What is the main function of accounting?

  • To divide a common fund among people
  • To record and interpret financial transactions
  • To provide useful information for economic decision making (correct)
  • To discuss money, property, and industry

    • What is the nature of the information provided by accounting?

    <p>Quantitative financial information</p> Signup and view all the answers

    What is the intention behind accounting?

    <p>To interpret the results of financial transactions</p> Signup and view all the answers

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