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FAC1502 Assignment 3 Semester 2 2024 Distinctions Guaranteed
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FAC1502 Assignment 3 Semester 2 2024 Distinctions Guaranteed
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FAC1502 ASSIGNMENT 3 SEMESTER 22024 DISTINCTIONS GUARANTEED
Accounting - ANSWER-Systematic recording of financial transactions for individuals
or businesses.
Financial Statements - ANSWER-Reports presenting financial data for decision-
making.
Double-Entry System - ANSWER-Accounting method recording transactions in two
accounts.
Sole Proprietor - ANSWER-Individual owning and operating a business alone.
Accounting Equation - ANSWER-Assets = Liabilities + Owner's Equity.
General-Purpose Financial Reporting - ANSWER-Financial reports for a wide range of
users.
Financial Performance - ANSWER-Assessment of a business's profitability.
Financial Position - ANSWER-Snapshot of a business's financial health at a specific
point.
International Financial Reporting Standards (IFRS) - ANSWER-Global accounting
standards for financial reporting.
Management Accounting - ANSWER-Accounting for internal decision-making and
planning.
Entity Concept - ANSWER-Business treated as a separate entity from its owners.
Accounting Principles - ANSWER-Guidelines governing accounting practices.
Qualitative Characteristics - ANSWER-Attributes making financial information useful.
Elements of Financial Statements - ANSWER-Components like assets, liabilities, and
equity in financial reports.
Bookkeeping - ANSWER-Daily recording of financial transactions for determining
financial position.
, Golden Rule of Accounting - ANSWER-Emphasizes practice for understanding
accounting concepts.
Going Concern - ANSWER-Assumption that a business will continue operating
indefinitely.
Unit of Measurement - ANSWER-Financial transactions recorded in a common unit
like currency.
Forms of Ownership - ANSWER-Different structures through which businesses can be
owned.
Fields of Accounting - ANSWER-Various branches like financial and management
accounting.
Decision-Making - ANSWER-Using financial information to make informed choices.
Users of Financial Information - ANSWER-Individuals or entities relying on financial
reports for decisions.
Accounting Policy - ANSWER-Specific rules governing accounting practices.
Conceptual Framework for Financial Reporting - ANSWER-Guidelines for preparing
financial statements.
Financial Information - ANSWER-Data used in financial decision-making.
Key Concepts - ANSWER-Fundamental ideas in accounting like financial information
and ownership forms.
Financial Accounting Cycle - ANSWER-Continuous process of measuring, classifying,
summarizing, and recording business transactions
Accounting Reports - ANSWER-Documents containing information to answer
financial questions
Financial Accounting - ANSWER-Systematic recording of entity's financial
transactions for easy retrieval
Accounting Process - ANSWER-Functions as an information system, includes financial
accounting cycle
Entity - ANSWER-Business or organization involved in economic activities
Transactions - ANSWER-Proceedings or activities recorded in accounting as monetary
values
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