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 - The systematic recognition, measurement, reporting, and
interpretation of data related to the financial activities of a natural or
artificial entity.
Accounting as the Language of Business -...
and theory, leading some to consider it a science, although the evolving
nature of these elements makes it not an exact science.
Accounting as a Service Activity - ✔✔A service activity providing
quantitative financial information about economic entities to aid in making
economic decisions.
Brief History of Accounting - ✔✔A system of recording and summarizing
business and financial transactions with origins dating back to ancient
civilizations; evolved with the development of writing systems and the
invention of double-entry accounting.
Luca Pacioli - ✔✔Known as the father of accounting and bookkeeping,
born in 1445 in Tuscany; credited with inventing a system of record-
keeping using a memorandum, journal, and ledger.
Double-Entry Bookkeeping - ✔✔System where every transaction has equal
debit and credit entries.
Chartered Accountants - ✔✔Professionals granted royal charters, like the
Edinburgh Society of Accountants.
Business Transactions - ✔✔Financial activities affecting a business'
position, capable of being assigned values.
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