Quantitative methods for decision making SEMESTER TEST
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q. 1. The American Institute of Certified Public Accounts (AICPA) defined Accounting as “Accountancy is the art of recording classifying and summarizing in a significant manner and in terms of________________ and events which are in part of at least a financial characters and interpreting the result there of”.
Q. 2. There is difference between the terms “Book keeping” and “Accounting”. Book keeping is merely concerned with orderly record keeping and recording business transactions and financial Accounting is border in scope than book keeping. Accounting involves analysis and judgements at different stages such as recording of transactions, classification, summarization and interpretation.
Q. 3. R.N. Carter defines ______________ as “The science and art of correctly recording in the books of accounts. All those business transactions and events inset of books, as and when such transactions take place. It is a systematic recording interms of money in set of books.”