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Questions and Answers
What is the process called when an accountant recognizes the identified accountable events?
What is the main purpose of accounting?
What type of information is expressed in numbers, quantities, or units?
What are accountable events in accounting?
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What is the basic storage of information in accounting called?
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Study Notes
Accounting Basics
- The process of recognizing identified accountable events is called recording.
Accounting Purpose
- The main purpose of accounting is to provide financial information for decision-making.
Types of Information
- Quantitative information is expressed in numbers, quantities, or units.
Accountable Events
- Accountable events are economic occurrences that can be reliably measured and have a direct effect on the financial position or financial performance of an entity.
Information Storage
- The basic storage of information in accounting is called a ledger.
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Description
Prepare for your Financial Accounting and Reporting (FAR) midterm with this review of Chapter 1: Introduction to Accounting. Learn about the essential elements of the definition of accounting, including the process of identifying, recording, and communicating economic information.
