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Definition of Accounting Quiz

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Questions and Answers

What does the term 'identifying' refer to in accounting?

Emphasizing psychological activities

Recognizing sociological matters

Recognizing non-accountable events

Analyzing events and transactions (correct)

What is the definition of accounting according to the American Association of Accountants?

The process of identifying, measuring, and communicating economic information (correct)

The process of emphasizing sociological and psychological matters

The process of disclosing non-accountable events only in the notes

The process of analyzing events and transactions to determine recognition

Which of the following is NOT a characteristic of an accountable event in accounting?

Being disclosed in the notes only (correct)

Affecting liabilities and equity

Influencing income and expenses

Affecting assets of an entity

How are non-accountable events that have accounting relevance dealt with?

Recorded through a memorandum entry Signup and view all the answers

What is the primary focus of accounting in terms of economic activity?

Accountable events Signup and view all the answers

What is the definition of an external event according to the passage?

An event that involves changes in the economic resources or obligations of an entity caused by an external party or external source, but does not involve transfers of resources or obligations. Signup and view all the answers

What is the primary measurement basis used in accounting according to the passage?

Historical cost Signup and view all the answers

Which of the following is an example of a non-reciprocal transfer according to the passage?

Donation to a charity Signup and view all the answers

What type of event is the production process in an entity according to the passage?

Internal event Signup and view all the answers

Why are financial statements said to be a mixture of fact and opinion according to the passage?

Because they include estimates and valuations based on opinion, in addition to objective facts. Signup and view all the answers