Introduction to Accounting Concepts
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Questions and Answers

What is the common end goal of the process of accounting?

  • Summarizing results for interested parties (correct)
  • Communicating with suppliers
  • Identifying events affecting a business
  • Recording events affecting a business
  • In the context of accounting, what does 'art' refer to?

  • Using mathematical calculations
  • Performing tasks in a creative manner
  • Following strict guidelines
  • A way of performing something (correct)
  • What type of transactions does accounting specifically deal with?

  • Personal transactions of employees
  • Non-financial transactions
  • Internal operational transactions
  • Quantifiable financial transactions (correct)
  • Is accounting an end in itself?

    <p>No, it is just a tool to achieve objectives</p> Signup and view all the answers

    How is accounting characterized in the text?

    <p>As an information system</p> Signup and view all the answers

    What is the main function of accounting according to the American Accounting Association?

    <p>Communicating economic information</p> Signup and view all the answers

    Which ancient civilization is credited with the earliest form of accounting?

    <p>Ancient Mesopotamia</p> Signup and view all the answers

    Who is considered the father of modern accounting for his development of double-entry bookkeeping?

    <p>Luca Pacioli</p> Signup and view all the answers

    In what country did the modern profession of the chartered accountant originate?

    <p>Scotland</p> Signup and view all the answers

    Which set of standards are mentioned in the text as guides for accountants in their practice?

    <p>PFRS and PAS</p> Signup and view all the answers

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