FAR QUIZ 1 UPDATED ACTUAL Questions and CORRECT Answers
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Course
FAR
Institution
FAR
FAR QUIZ 1 UPDATED ACTUAL
Questions and CORRECT Answers
Accounting - CORRECT ANSWER- a process of identifying, recording, and
communicating economic info that is useful in making economic decisions.
Identifying - CORRECT ANSWER- analyzes each business transaction; whether
accountable or not...
FAR QUIZ 1 UPDATED ACTUAL
Questions and CORRECT Answers
Accounting - CORRECT ANSWER✔✔- a process of identifying, recording, and
communicating economic info that is useful in making economic decisions.
Identifying - CORRECT ANSWER✔✔- analyzes each business transaction; whether
accountable or not accountable events
Journalizing - CORRECT ANSWER✔✔- recognizes and records the accountable events
identified.
Posting - CORRECT ANSWER✔✔- the accountant classifies the effects of the event on the
accountants
General Ledger - CORRECT ANSWER✔✔- Where do we post after journalizing
Communicating - CORRECT ANSWER✔✔- At the end of each accounting period, the
accountant summarizes the information processed in the accounting system in order to
produce meaningful reports.
Quantitative Information - CORRECT ANSWER✔✔- Type of Information provided by
accounting that is expressed in numbers, quantity, or unit
Qualitative Information - CORRECT ANSWER✔✔- Type of Information provided by
accounting that is expressed in words or descriptive form
Financial Information - CORRECT ANSWER✔✔- Type of Information provided by
accounting that is expressed in money
Sole Proprietor - CORRECT ANSWER✔✔- A business owned by one person
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