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Financial Accounting and Reporting Prelims Each solution is perfectly accurate, guaranteeing full marks.

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  • Course
  • FAC1601 Financial Accounting & Reporting
  • Institution
  • FAC1601 Financial Accounting & Reporting

financial information (Financial Statements) - Answer Accounting has evolved, as in the case of medicine and law, in response to the social and economic needs of society. As business and society become more complex, accounting develops new concepts and techniques to meet the ever-increasing need...

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  • September 30, 2024
  • 25
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • FAC1601 Financial Accounting & Reporting
  • FAC1601 Financial Accounting & Reporting
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Financial Accounting and Reporting Prelims

Each solution is perfectly accurate,

guaranteeing full marks.

financial information (Financial Statements) - Answer Accounting has evolved, as in the case of

medicine and law, in response to the social and economic needs of society. As business and society

become more complex, accounting develops new concepts and techniques to meet the ever-increasing

needs for...?

financial information (Financial Statements) - Answer Without such INFORMATION, many

complex economic developments and social programs may never have been undertaken.

financial information (Financial Statements) - Answer In a market economy, INFORMATION

helps decision-makers make informed choices regarding the allocation of scarce resources under their

control. When decision-makers are able to make well-informed decisions, resources are allocated in a way

that better meets the needs and goals of those within the market.



What information was it referring to?

Accounting - Answer It is relevant in all walks of life, and it is absolutely essential in the world of

business. It is the system that measures business activities, processes that information into reports and

communicates the results to decision-makers.

Accounting - Answer quantifies business communication. For this reason, accounting is called the

LANGUAGE of business. The task of learning accounting is very similar to the task of learning a new


Page 1 of 25

,language; thus, the need for this book which teaches the Basics of Accounting in a very conceptual

manner.

Accounting - Answer No business could operate very long without knowing how much it was

earning and how much it was spending. With this system, it provides the business with these information

and more.

scorekeepers - Answer So, accountants can be called the?_________ of business.

Accounting - Answer Without this system, a business couldn't function optimally; it wouldn't know

where it stands financially, whether it's making a profit or not ,and it wouldn't know its financial situation.

Also, a sound understanding of this language will bring about a better management of the financial

aspects of living. Personal financial planning, education expenses, car amortization, business' loans,

income taxes and investments are based on the information system that we call?

Accounting (Statement of Financial Accounting Standards No. 1, "Basic Concepts and Accounting

Principles Underlying Financial Statements of Business Enterprises" (Manila: Accounting Standards

Council, 1983), par. 1) - Answer is a service activity. Its function is to provide quantitative

information, primarily financial in nature, about economic entities that is intended to be useful in making

economic decisions.

Accounting (Statement of Financial Accounting Concepts No. 1, "Objectives of Financial Reporting by

Business Enterprises". (Norwalk, Conn.: Financial Accounting Standards Board, 1978), par. 9) - Answer

is an information system that measures, processes and communicates financial information about

an economic entity

Accounting (American Accounting Association, "A Statement of Basic Accounting Theory" (Evanston,

Ill.:American Accounting Association, 1966), par. 1; Accounting Principles Board, Statement No. 4,

"Basic Concepts and Accounting Principles Underlying Financial Statements of Business Enterprises"

(New York: AICPA, 1970), par. 40) - Answer is the process of identifying, measuring and



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, communicating economic information. to permit informed judgments and decisions by users of the

information

Accounting (American Institute of Certified Public Accountants, "Review and Resume", Accounting

Terminology Bulletin No. 1 (New York: AICPA, 1953), par. 9) - Answer is the art of recording,

classifying and summarizing in a significant manner and in terms of money, transactions and events

which are, in part at least, of a financial character, and interpreting the results thereof.

Accounting history - Answer is important to accounting pedagogy, policy and practice. It makes it

possible to better understand our present and to forecast our future.

Accounting history - Answer is the "study of the evolution in accounting thought, practices and

institutions in response to changes in the environment and societal needs. It also considers the effect that

this evolution has worked on the environment.

Primitive Accounting - Answer An evolution of accounting period where people have counted and

kept records throughout history. The origin of keeping accounts has been traced as far back as 8500 B.C.,

the date archaeologists have established for certain clay tokens-cones, disks, spheres and pellets-found in

Mesopotamia (modern Iraq).



These tokens represented such commodities as sheep, jugs of oil, bread or clothing and were used in the

Middle East to keep records. The tokens were often sealed in clay balls, called bullae, which were broken

on delivery so the shipment could be checked against the invoice; bullae, in effect, were the first bills of

lading. Later, symbols impressed on wet clay tablets replaced the tokens.

8500 B.C. - Answer An evolution of accounting period where people have counted and kept

records throughout history. The origin of keeping accounts has been traced as far back as?

Primitive Accounting - Answer Some experts consider this stage of record keeping the

BEGINNING of the art of writing, which spread rapidly along the trade routes and took hold throughout

the known civilized world.

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