Podcast
Questions and Answers
What is the process of identifying, measuring and communicating economic information to permit informed judgement and decision by users of the information?
What is the process of identifying, measuring and communicating economic information to permit informed judgement and decision by users of the information?
- Business Transactions
- Accounting (correct)
- Financial Statements
- Account
Who is considered as The Father of Accounting?
Who is considered as The Father of Accounting?
- George Watson
- Doi Poi
- Leonardo da Vinci
- Luca Pacioli (correct)
How does the Accounting Standards Council define accounting?
How does the Accounting Standards Council define accounting?
- Process (correct)
- Provider of information
- Service activity
- Art
Which of the following is NOT an internal user of financial information?
Which of the following is NOT an internal user of financial information?
Which of the following is NOT an external user of financial information?
Which of the following is NOT an external user of financial information?
Which type of information is expressed in numbers, quantities, or units?
Which type of information is expressed in numbers, quantities, or units?
What is the process of identifying, recording and communicating economic information that is useful in making economic decisions?
What is the process of identifying, recording and communicating economic information that is useful in making economic decisions?
Which of the following is NOT an appropriate description of accounting?
Which of the following is NOT an appropriate description of accounting?
Which accounting process comes first ahead of the others?
Which accounting process comes first ahead of the others?
What essential element of the definition of accounting involves the recognition or non-recognition of business activities as accountable events?
What essential element of the definition of accounting involves the recognition or non-recognition of business activities as accountable events?
What types of information are provided by accounting?
What types of information are provided by accounting?
Which professional organization defines accounting as a service activity?
Which professional organization defines accounting as a service activity?
What are laborers, field workers, and non-managerial employees examples of as users of financial information?
What are laborers, field workers, and non-managerial employees examples of as users of financial information?
Which internal users of financial information are concerned mostly with the profits of the company and considered as existing investors?
Which internal users of financial information are concerned mostly with the profits of the company and considered as existing investors?
Which of the following is NOT a component of financial statements?
Which of the following is NOT a component of financial statements?
Which professional organization defines accounting as a service activity?
Which professional organization defines accounting as a service activity?
Flashcards
What is Accounting?
What is Accounting?
Identifying, measuring, and communicating economic information for informed judgments and decisions.
Who is Luca Pacioli?
Who is Luca Pacioli?
An Italian mathematician, widely regarded as the 'Father of Accounting'.
Accounting Standards Council Definition
Accounting Standards Council Definition
Accounting is a process, not a static entity.
External Users
External Users
Signup and view all the flashcards
Quantitative Information
Quantitative Information
Signup and view all the flashcards
Accounting Summarized
Accounting Summarized
Signup and view all the flashcards
Identifying in Accounting
Identifying in Accounting
Signup and view all the flashcards
Employees as Users
Employees as Users
Signup and view all the flashcards
Business Owners Focus
Business Owners Focus
Signup and view all the flashcards
