Question one

(a) Accounting is often referred to as the language of business. Explain why this is so. (b) Explain the primary function of accounting and how is the same achieved (c) Accounting has been defined as both a science as well as an art. Explain the terms., a science and an art as it would apply in accounting (d) While the development cost of a product may meet the definition of an asset, the costs might not meet the asset recognition criteria. Explain