Learning Task 8: Answer the following statement based on your understanding with True or

False.

_________ 1) Financial information is a quantitative information.

_________ 2) Quantitative information is expressed in units and numbers.

_________ 3) All types of events are recorded in the accounting books.

_________ 4) Auditing is a process of identifying, recording and communicating economic

information that is useful in making economic decision.

_________ 5) The basic objective of accounting is to provide quantitative financial information about

an entity that is useful in making rational economic decision.

_________ 6) Marketing is responsible in creating value for customer and building strong customer

relationships.

_________ 7) Management is a process of establishing common objectives,

coordinating efforts towards those objectives, and efficiently and effectively utilizing available

resources to achieve certain goals.

_________ 8) As a practical art, accounting is a body of knowledge which has been systematically

gathered, classified and organized.

_________ 9) Bookkeeping and accounting are synonymous.

_________ 10) Accounting is often referred to as a “Language of business” because it is fundamental

to the communication of financial information​