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Questions and Answers
Which of the following is NOT one of the objects of financial statement analysis?
Which of the following is NOT one of the objects of financial statement analysis?
- Operating results
- Profit and loss (correct)
- Cash flow
- Financial position
What does the American Institute of Certified Public Accountants (AICPA) define accounting as?
What does the American Institute of Certified Public Accountants (AICPA) define accounting as?
- The art of interpreting financial results
- The art of classifying financial events
- The art of recording, classifying, and summarizing financial transactions (correct)
- The art of recording and summarizing financial transactions
Why is accounting considered an art?
Why is accounting considered an art?
- Because it involves interpreting financial results
- Because it requires the use of skills and creative judgment (correct)
- Because it involves classifying financial events
- Because it involves recording and summarizing financial transactions
What does the phase of 'recording' in accounting involve?
What does the phase of 'recording' in accounting involve?
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What does the phase of 'classifying' in accounting involve?
What does the phase of 'classifying' in accounting involve?
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Which of the following is NOT one of the phases involved in accounting?
Which of the following is NOT one of the phases involved in accounting?
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What are the three objects of financial statement analysis?
What are the three objects of financial statement analysis?
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What is the main purpose of recording business transactions in accounting?
What is the main purpose of recording business transactions in accounting?
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According to the American Institute of Certified Public Accountants (AICPA), what is the significance of money in accounting?
According to the American Institute of Certified Public Accountants (AICPA), what is the significance of money in accounting?
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Why is accounting considered an art?
Why is accounting considered an art?
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