FAC1502 UNIT 1 BASIC Principles
OF Accounting EXAM Questions and
Answers Verified Solutions Latest
Update
Question:
accounting systems
Answer:
The branch of accounting that covers the review of a firm's entire information system,
not just the accounting system
Question:
accrual basis accounting
Answer:
System of reporting revenues and expenses in the period in which they are considered
to have been earned or incurred, regardless of the actual time of collection or payment
Question:
adjusting entries
Answer:
Entries required at the end of an accounting period to record internal adjustments of
various accounts due to the matching principle of accounting
Question:
assets
Answer:
Resources available for use by the business-that is, anything owned by the business
that has monetary value
, Question:
auditing
Answer:
The branch of accounting that examines a firm's financial statements and internal
controls for the purpose of expressing opinions regarding the financial statements
Question:
balance sheet
Answer:
Statement of the financial position of the hospitality establishment on a given date,
giving the account balances for assets, liabilities, and ownership equity
Question:
bookkeeping
Answer:
The recording and classification of transactions
Question:
business entity principle
Answer:
An accounting principle that requires a business maintain its own set of records and
accounts that are separate from other financial interests of its owners
Question:
cash basis accounting
Answer:
System of reporting revenues and expenses at the time they are collected or paid,
respectively
OF Accounting EXAM Questions and
Answers Verified Solutions Latest
Update
Question:
accounting systems
Answer:
The branch of accounting that covers the review of a firm's entire information system,
not just the accounting system
Question:
accrual basis accounting
Answer:
System of reporting revenues and expenses in the period in which they are considered
to have been earned or incurred, regardless of the actual time of collection or payment
Question:
adjusting entries
Answer:
Entries required at the end of an accounting period to record internal adjustments of
various accounts due to the matching principle of accounting
Question:
assets
Answer:
Resources available for use by the business-that is, anything owned by the business
that has monetary value
, Question:
auditing
Answer:
The branch of accounting that examines a firm's financial statements and internal
controls for the purpose of expressing opinions regarding the financial statements
Question:
balance sheet
Answer:
Statement of the financial position of the hospitality establishment on a given date,
giving the account balances for assets, liabilities, and ownership equity
Question:
bookkeeping
Answer:
The recording and classification of transactions
Question:
business entity principle
Answer:
An accounting principle that requires a business maintain its own set of records and
accounts that are separate from other financial interests of its owners
Question:
cash basis accounting
Answer:
System of reporting revenues and expenses at the time they are collected or paid,
respectively
