TRUE or FALSE (If the statement is correct, write TRUE. If the statement is wrong, write FALSE.) 1. Accounting is the process of identifying, recording and communicating economic events of an organization for interested users. 2. An example that can be supported by accounting information is; Can I afford to pay a bank loan? 3. Accounting provides financial reports and information therefore, it is a service activity 4 The process of performing a specific task of collecting, processing and communicating financial information is bookkeeping. 5. To communicate financial information means that accounting is the language of business. 6. To summarize means to journalize 7. The process of classifying is simply means the process of recording 8. The nature of accounting is just an art 9. The ledger is also called the book of original entry 10. The two books of accounts are the Debit and Credit.
