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 (D)</p> Signup and view all the answers

How is accounting characterized in the text?

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

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

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

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

<p>Ancient Mesopotamia (C)</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 (D)</p> Signup and view all the answers

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

<p>Scotland (C)</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 (D)</p> Signup and view all the answers

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