FAC1502 Unit One Basic Principles of
Accounting question and answer 100%
graded A+
Accounting -VERIFIED ANSWER Systematic recording of financial transactions for
individuals or businesses.
Accounting Concepts -VERIFIED ANSWER Principles and procedures used to convey
financial information
Accounting Definition -VERIFIED ANSWER Systematic identification and recording of
financial transactions for decision-making.
Accounting Equation -VERIFIED ANSWER Assets = Liabilities + Owner's Equity.
Accounting Knowledge -VERIFIED ANSWER Understanding financial terms, figures,
and principles
Accounting Policy -VERIFIED ANSWER Specific rules governing accounting practices.
Accounting Principles -VERIFIED ANSWER Guidelines governing accounting
practices.
Accounting Process -VERIFIED ANSWER Functions as an information system,
includes financial accounting cycle
Accounting Records -VERIFIED ANSWER Used to capture essential data of
transactions for an entity
Accounting Reports -VERIFIED ANSWER Documents containing information to
answer financial questions
Accounting Standards -VERIFIED ANSWER Guidelines limiting accounting practice
variety for consistency.
Bookkeeping -VERIFIED ANSWER Daily recording of financial transactions for
determining financial position.
Bookkeeping Process -VERIFIED ANSWER Recording transactions, part of financial
accounting cycle
Comparability -VERIFIED ANSWER Ability to compare financial statements over time.
, Computerized Accounting -VERIFIED ANSWER Increasingly used for processing
transactions quickly, while principles remain the same.
Conceptual Framework -VERIFIED ANSWER Underlying objectives and concepts for
financial statement preparation.
Conceptual Framework for Financial Reporting -VERIFIED ANSWER Guidelines for
preparing financial statements.
Consistency -VERIFIED ANSWER Acting the same way in a particular situation.
Decision-Making -VERIFIED ANSWER Using financial information to make informed
choices.
Disclosure -VERIFIED ANSWER Revealing accounting policy decisions in financial
statements.
Double Entry -VERIFIED ANSWER Principle on which modern accounting is based,
described by Lucas Pacioli.
Double-Entry System -VERIFIED ANSWER Accounting method recording transactions
in two accounts.
Elements of Financial Statements -VERIFIED ANSWER Components like assets,
liabilities, and equity in financial reports.
Entity -VERIFIED ANSWER Business or organization involved in economic activities
Entity Concept -VERIFIED ANSWER Business treated as a separate entity from its
owners.
External users -VERIFIED ANSWER Include investors, creditors, and government
Faithful Representation -VERIFIED ANSWER Reporting items accurately without bias
or errors.
Fields of Accounting -VERIFIED ANSWER Various branches like financial and
management accounting.
Financial Accounting -VERIFIED ANSWER Systematic recording of entity's financial
transactions for easy retrieval
Financial Accounting Cycle -VERIFIED ANSWER Continuous process of measuring,
classifying, summarizing, and recording business transactions
Accounting question and answer 100%
graded A+
Accounting -VERIFIED ANSWER Systematic recording of financial transactions for
individuals or businesses.
Accounting Concepts -VERIFIED ANSWER Principles and procedures used to convey
financial information
Accounting Definition -VERIFIED ANSWER Systematic identification and recording of
financial transactions for decision-making.
Accounting Equation -VERIFIED ANSWER Assets = Liabilities + Owner's Equity.
Accounting Knowledge -VERIFIED ANSWER Understanding financial terms, figures,
and principles
Accounting Policy -VERIFIED ANSWER Specific rules governing accounting practices.
Accounting Principles -VERIFIED ANSWER Guidelines governing accounting
practices.
Accounting Process -VERIFIED ANSWER Functions as an information system,
includes financial accounting cycle
Accounting Records -VERIFIED ANSWER Used to capture essential data of
transactions for an entity
Accounting Reports -VERIFIED ANSWER Documents containing information to
answer financial questions
Accounting Standards -VERIFIED ANSWER Guidelines limiting accounting practice
variety for consistency.
Bookkeeping -VERIFIED ANSWER Daily recording of financial transactions for
determining financial position.
Bookkeeping Process -VERIFIED ANSWER Recording transactions, part of financial
accounting cycle
Comparability -VERIFIED ANSWER Ability to compare financial statements over time.
, Computerized Accounting -VERIFIED ANSWER Increasingly used for processing
transactions quickly, while principles remain the same.
Conceptual Framework -VERIFIED ANSWER Underlying objectives and concepts for
financial statement preparation.
Conceptual Framework for Financial Reporting -VERIFIED ANSWER Guidelines for
preparing financial statements.
Consistency -VERIFIED ANSWER Acting the same way in a particular situation.
Decision-Making -VERIFIED ANSWER Using financial information to make informed
choices.
Disclosure -VERIFIED ANSWER Revealing accounting policy decisions in financial
statements.
Double Entry -VERIFIED ANSWER Principle on which modern accounting is based,
described by Lucas Pacioli.
Double-Entry System -VERIFIED ANSWER Accounting method recording transactions
in two accounts.
Elements of Financial Statements -VERIFIED ANSWER Components like assets,
liabilities, and equity in financial reports.
Entity -VERIFIED ANSWER Business or organization involved in economic activities
Entity Concept -VERIFIED ANSWER Business treated as a separate entity from its
owners.
External users -VERIFIED ANSWER Include investors, creditors, and government
Faithful Representation -VERIFIED ANSWER Reporting items accurately without bias
or errors.
Fields of Accounting -VERIFIED ANSWER Various branches like financial and
management accounting.
Financial Accounting -VERIFIED ANSWER Systematic recording of entity's financial
transactions for easy retrieval
Financial Accounting Cycle -VERIFIED ANSWER Continuous process of measuring,
classifying, summarizing, and recording business transactions
