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In current practice, accounting provides only quantitative information that is useful in making economic decisions. External users are those who do not have the authority to demand financial reports tailored to their specific needs. Under the stable monetary unit assumption,

In current practice, accounting provides only quantitative information that is useful in making economic decisions. External users are those who do not have the authority to demand financial reports tailored to their specific needs. Under the stable monetary unit assumption,

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Which of the following statements is true? * In current practice, accounting provides only quantitative information that is useful in making economic decisions. External users are those who do not have the authority to demand financial reports tailored to their specific needs. Under the stable monetary unit assumption, the owners of the business and the business are viewed as a single reporting entity. Therefore, the personal transactions of the owners are recorded in the books of accounts. The practice of accountancy in the Philippines is regulated under R.A. 9892.
Transcribed Image Text:Which of the following statements is true? * In current practice, accounting provides only quantitative information that is useful in making economic decisions. External users are those who do not have the authority to demand financial reports tailored to their specific needs. Under the stable monetary unit assumption, the owners of the business and the business are viewed as a single reporting entity. Therefore, the personal transactions of the owners are recorded in the books of accounts. The practice of accountancy in the Philippines is regulated under R.A. 9892.
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