THEORY OF ACCOUNTS

ACCOUNTING CONCEPTS

1. Which of the following statements is/are true?

I. Accounting is a service activity intended to fulfill a useful function in

society
II. Accounting involves the art of recording, classifying and summarizing
transaction and events, and interpreting the results thereof.
III. Accounting is an art but not a science
IV. Accounting provides quantitative financial information intended to be
useful in making economic decisions