Question

Which of the following statements are true?

1
2
Accounting can be described as the recording and summarising of transactions.
Financial accounting describes the production of a statement of financial position
and statemen of profit or loss for internal use.
1 only
A B c
2 only
Both 1 and 2
D
None
The main affiti

Answer 1

Only the first statement about accounting recording and summarising transactions is true; the second statement is incorrect as financial accounting produces statements for external use.

Step-by-step explanation:

The true statement among the provided options is that accounting can be described as the recording and summarising of transactions. This means the first statement is accurate. However, the second statement is incorrect; financial accounting is indeed about the production of financial statements, but it is specifically for external use, such as by shareholders, creditors, and market analysts, not internal use. Internal use documents would fall under managerial accounting. Therefore, the correct answer to the provided question is that only statement 1 is true.

Answer 2

both 1 n 2

Step-by-step explanation:

account about profit, also can describe as recording