True or False 1. A business transaction is the occurrence of an event or of a condition that must be recorded. 2. Summarization reduces the effects of numerous transactions into useful groups or categories. 3. Recording is very important in accounting.
True or False 1. A business transaction is the occurrence of an event or of a condition that must be recorded. 2. Summarization reduces the effects of numerous transactions into useful groups or categories. 3. Recording is very important in accounting.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:OBJECTIVES:
K: Define Accounting:
S: Discuss the usefulness of accounting; and
A: Appreciate the usefulness of accounting in real situation.
LEARNING COMPETENCY:
Defining accounting. ABM FABM11-Illa-1
I. What Happened
PRE-TEST:
Read each item carefully and use your notebook to write your answers.
True or False
on ny
1. A business transaction is the occurrence of an event or of a condition that
must be recorded.
2. Summarization reduces the effects of numerous transactions into useful
groups or categories.
3. Recording is very important in accounting.
4. Accounting is and art and a discipline.
5. Accounting deals with information and transactions
II. What You Need to Know
Accounting is the art of recording, classifying and summarizing in a
om significant manner and in terms of money, transaction and events which
are, in part at least of a financial character, and interpreting the results
thereof.
ACCOUNTING o bnolonon
As an Art
As a Process
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