Practicing Success

Target Exam

CUET

Subject

Accountancy

Chapter

Introduction to Accounting

Question:

Which of the following is included in accounting?

Options:

Recording

Classifying

Summarising

All of these

Correct Answer:

All of these

Explanation:

The correct answer is option 4- All of these.

In 1941, The American Institute of Certified Public Accountants (AICPA) had defined accounting as the art of recording, classifying, and summarising in a significant manner and in terms of money, transactions and events which are, in part at least, of financial character, and interpreting the results thereof’.