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Questions and Answers
Which organization is mentioned in the text?
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?
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?
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?
What is the nature of the information provided by accounting?
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What is the intention behind accounting?
What is the intention behind accounting?
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