Accounting and bookkeeping are synonymous. Select one: a. True b. False
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter3: Review Of A Company's Accounting System
Section: Chapter Questions
Problem 5GI: Explain how the accounting equation organizes financial information using T-accounts and debits and...
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5. Accounting and bookkeeping are synonymous.
Select one:
a.
True
b.
False
6. Which is the last step of accounting as a process of information?
Select one:
a.
Preparation of financial statement
b.
Analysis and interpretation of information
c.
Recording the transaction
d.
Communication of information
7.
Choose the correct statement
Select one:
a.
Keeping systematic recording of business transaction is not the function of financial accounting
b.
Accounting is concerned with past as well as future events
c.
Accounting is concerned with monetary transactions
d.
Business and Businessman are one and the same from accounting point of view
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