Questions and Answers
Who is considered the father of Accounting?
Luca Pacioli
What is the double-entry accounting system?
The method of keeping accounts that merchants used at that time
What are the three activities of accounting according to the text?
Identification, Recording, Communication
Who are the internal users of accounting information mentioned in the text?
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What does GAAP stand for?
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What are the three activities of accounting according to the text?
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Name one internal user of accounting information mentioned in the text.
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What does GAAP stand for?
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Name one organization involved in standard setting for accounting information.
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What does the Cost Principle (historical) dictate that companies do when recording assets?
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