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a. A service activity
b. An information system
c. A universal language of business
d. An exact science rather than an art
3. The important points made in the definition of accounting
include all of the following, except
a. Identifying
b. Measuring
c. Communicating
d. Reporting
5. The events that affect the entity and in which other
entities participate are known as
a. Internal events
b. External events
c. Current events
d. Obligating events
6. Which statement is incorrect in relation to an
accountable event?
a. Historical cost
b. Current cost
c. Fair value
d. Value in use
9. The communicating process of accounting includes all of
the following, except
a. Recording
b. Classifying
c. Summarizing
d. Interpreting
10. What is the overall objective of accounting?
a. Board of Accountancy
b. Philippine Institute of Certified Public Accountants
c. Securities and Exchange Commission
d. Financial Reporting Standards Council
13. What is the standard-setting body in the Philippines at
present time?
a. Auditing
b. Taxation
c. Managerial accounting
d. Controllership