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Questions and Answers
What was the significant contribution of Luca Pacioli in 1494?
What was the significant contribution of Luca Pacioli in 1494?
Which accounting system emerged in America and England during the 1600s?
Which accounting system emerged in America and England during the 1600s?
When was the International Accounting Standards Committee (IASC) established?
When was the International Accounting Standards Committee (IASC) established?
What significant event regarding Indonesian accounting occurred in 1984?
What significant event regarding Indonesian accounting occurred in 1984?
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Which year saw the establishment of the Indonesian accounting principles (PAI)?
Which year saw the establishment of the Indonesian accounting principles (PAI)?
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Which of the following groups is considered an internal stakeholder in a business?
Which of the following groups is considered an internal stakeholder in a business?
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What is a benefit of accounting for external stakeholders?
What is a benefit of accounting for external stakeholders?
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Which ethical principle emphasizes the need to act in the best interest of the public?
Which ethical principle emphasizes the need to act in the best interest of the public?
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What is NOT an internal benefit of accounting?
What is NOT an internal benefit of accounting?
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Which of the following processes is NOT a part of accounting?
Which of the following processes is NOT a part of accounting?
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Study Notes
Early Accounting
- 1494: Luca Pacioli, an Italian mathematician, published a book on various mathematical topics, including a section on double-entry bookkeeping. This book significantly contributed to the development of accounting practices.
Regional Accounting Systems
- 1500s (Netherlands): The Netherlands adopted a continental system of accounting.
- 1600s (America and England): America and England developed a different system known as the Anglo-Saxon system of accounting.
International Accounting
- 1973: The International Accounting Standards Committee (IASC) was established.
- 2001: The IASC was renamed the International Accounting Standards Board (IASB).
Accounting in Indonesia
- 1642: During the Dutch colonial period, a continental system of accounting was introduced in Indonesia.
- 1957: (No information provided)
- 1960: The Indonesian Institute of Accountants (Ikatan Akuntan Indonesia) emerged.
- 1974: Indonesian accounting principles (PAI) were established.
- 1984: Indonesian accounting practices continued to evolve alongside international standards by implementing IAS (International Accounting Standards).
- 1994: (No information provided)
- 2008: Indonesian financial reporting standards (SAK) were established, adopting IASB standards.
Basic Accounting Equation
- Accounting: Processes used to identify, measure, and report economic information to inform decisions.
Benefits of Accounting
Internal Benefits
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Internal stakeholders: Managers and employees use accounting information for:
- Determining tax amounts
- Evaluating business operations
- Formulating policy
- Relates to daily business operations.
External Benefits
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Stakeholders: Investors, creditors, government, and customers use accounting information for various purposes, including:
- Making informed decisions
- Determining profitability
- Understanding a company's finances
Ethical Principles in Accounting
- Integrity
- Responsibility
- Public Interest
- Objectivity
- Competence
- Confidentiality
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Description
Explore the origins and evolution of accounting from its inception by Luca Pacioli in 1494 to the establishment of international standards by the IASB. This quiz covers regional variations including the Anglo-Saxon system and the impact of colonial practices in Indonesia. Test your knowledge on key developments and their significance in modern accounting.
