- Study guides, Class notes & Summaries

FAC1501 UNIT 1: THE NATURE AND PURPOSE OF FINANCIAL ACCOUNTING QUESTIONS WITH 100% CORRECT ANSWERS transaction - ANSWERS An action where money is paid and, in return, an item or service, that the buyer needs is obtained. financial accounting - ANSWERS Is the orderly and systematic identification and recording of the monetary values of financial transactions of an individual or business entity, and the reporting of the results objective of financial accounting - ANSWERS To enable t...