_____1. Recording and summarizing financial transactions are just two of the many functions of accounting. _____2. Accounting is both an art and science. It is important to learn its different aspects and apply them appropriately to the various activities in the business. _____3. The for-profit entity carries out charitable operations that do not necessarily generate income. _____4. It was in 1864 that the Chartered Accountants became the earliest group of accountants to form a professional governing body. _____5. Becoming a professionally recognized accountant entails completion of the required education, passing the required examination, and work experience.
