Financial Reporting and Introduction to Accounting Exam Questions and Answers 100% Solved
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Course
Financial
Institution
Financial
Financial Reporting and Introduction to
Accounting Exam Questions and
Answers 100% Solved
Accounting - Involves systematic recognition, measurement, reporting,
and interpretation of financial data related to a natural or artificial entity.
Financial Statements - Documents that present the fina...
assets equal liabilities plus equity, showing the balance of a company's
resources.
Accounting as the Language of Business - ✔✔Describes accounting as the
medium of communication between a business and its stakeholders,
involving the recognition, measurement, and reporting of financial data.
AICPA - ✔✔The American Institute of Certified Public Accountants, which
defined accounting in 1941 as the art of recording, classifying, and
summarizing financial transactions.
Luca Pacioli - ✔✔An Italian mathematician and Franciscan monk known as
the father of accounting for his invention of the double-entry accounting
system and books on accounting.
Double-Entry Accounting - ✔✔A bookkeeping system involving debit and
credit entries for transactions, revolutionized by Benedetto Cotrugli and
Luca Pacioli.
Economic Entity - ✔✔A unit like a business that exists independently, for
which accounting provides quantitative financial information to aid
economic decision-making.
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