TRUE OR FALSE

_____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.​