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P1 C1 Accounting and Its Terminology — Account STD 11 Commerce — Question

Gujarat BoardEnglish MediumSTD 11 CommerceAccountP1 C1 Accounting and Its Terminology1 Mark
Question
Give definition of accounting as per $ASC.$
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Answer

As per $ASC,$ definition of accounting is as follows: “Accounting is a service activity. It provides quantitative information related to financial and economic activities which helps users to take correct or proper decision.

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