FAR QUIZ 1 Flashcards
(1 cards)
1
Q
Accounting has been given various definitions, which of the following is
not one of those definitions Accounting is a service activity. Its function is to provide quantitative information, primarily financial in nature, about economic entities that is intended to be useful in making economic decisions
A
Accounting is a systematic process of objectively obtaining and evaluating evidence regarding assertions about economic actions and events to ascertain the degree of correspondence between these assertions and established criteria and communicating the results to interested users.
