5/13/26, 9:54 AM FAC1502: FINANCIAL ACCOUNTING CONCEPTS; PROCEDURES AND CONCEPTS Exam || 2026 (Actual Exam) Questions with…
FAC1502: FINANCIAL ACCOUNTING CONCEPTS;
PROCEDURES AND CONCEPTS Exam || 2026
(Actual Exam) Questions with verified Answers | @
2026
Save Groups
Terms in this set (125)
ACCOUNTING Planning; Recording; Analyzing; Interpreting
financial information.
PLANNING DECISIONS Financial information is used to determine future
actions. Historical information provided by the
accounting process serves as a basis for
forecasting.
CONTROL Using financial information to evaluate the results
of financial activities.
THE FUNCTION OF ACCOUNTING 1. The value added to the networth of a
person/entity during a particular period.
2. The accumulated networth of that person/entity
PROFIT ENTITIES Sole traders; Partnerships; Close Corporations;
Companies
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,5/13/26, 9:54 AM FAC1502: FINANCIAL ACCOUNTING CONCEPTS; PROCEDURES AND CONCEPTS Exam || 2026 (Actual Exam) Questions with…
NON-PROFIT ENTITES Clubs; Charitable Organisations; Churches;
Educational Institutions; Trusts
PUBLIC SECTOR The Government; Provinces; Departments; Boards
and Commissions; Municipalities
USERS OF FINANCIAL 1. Investors - Providers of capital. Concerned with
INFORMATION the risk involved in their investment. Need
information to decide whether to invest, hold, or
withdraw funds.
2. Employees - Interested in entity's stability and
profitability for benefits and job security.
3. Lenders - Use financial information to determine
if loans can be paid back with interest.
4. Suppliers and other trade creditors - Use
informations for assurance that amounts owed are
paid on time.
5. Customers - Need to know the state of the entity
for reliability.
6. Government and their agencies - Use financial
information for taxation, policies, and statistical
purposes.
7. Public - Entities often contribute to the local
economy by employing people and local
structures:
STATEMENT OF PROFIT OR LOSS Financial results --> Financial Performance
AND OTHER COMPREHENSIVE (financial period) ---> Financial Position
INCOME
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, 5/13/26, 9:54 AM FAC1502: FINANCIAL ACCOUNTING CONCEPTS; PROCEDURES AND CONCEPTS Exam || 2026 (Actual Exam) Questions with…
STATEMENT OF CHANGES IN Reflects the profit or total comprehensive income
EQUITY and reflects the capital or equity.
STATEMENT OF FINANCIAL Reflects the networth of the entity at a specific
POSITION time. Determined in terms of assets and interests.
Affected by the entity's economic resources,
structure, liquidity, solvency, capacity to adapt to
economic changes.
STATEMENT OF CASH FLOWS The ability to generate cash will determine whether
the entity will be able to meet its economic
comittments.
DOMAINS OF ACCOUNTING 1. Financial accounting: External users - Creditors;
Clients; Banking institutions.
2. Management accounting: Internal users -
Management; Personnel
ACCOUNTING PRINCIPLES The techniques used in the practice of accounting.
Conceptual and Theoretical.
ACCOUNTING POLICY A set of decisions abut how the entity will handle
the same type of transaction in order to achieve
consistency.
INTERNATIONAL FINANCIAL A general framework and accounting concepts;
REPORTING STANDARDS (IFRS) pricinciples; methods and procedures.
ACCOUNTING STANDARDS AND Aim to encourage widespread use of particular
STATEMENTS standards to eliminate bad alternatives.
GOING CONCERN ASSUMPTION assumes an entity will remain in operation for the
foreseeable future.
https://quizlet.com/1179887002/fac1502-financial-accounting-concepts-procedures-and-concepts-exam-2026-actual-exam-questions-with-verified-an… 3/20
FAC1502: FINANCIAL ACCOUNTING CONCEPTS;
PROCEDURES AND CONCEPTS Exam || 2026
(Actual Exam) Questions with verified Answers | @
2026
Save Groups
Terms in this set (125)
ACCOUNTING Planning; Recording; Analyzing; Interpreting
financial information.
PLANNING DECISIONS Financial information is used to determine future
actions. Historical information provided by the
accounting process serves as a basis for
forecasting.
CONTROL Using financial information to evaluate the results
of financial activities.
THE FUNCTION OF ACCOUNTING 1. The value added to the networth of a
person/entity during a particular period.
2. The accumulated networth of that person/entity
PROFIT ENTITIES Sole traders; Partnerships; Close Corporations;
Companies
https://quizlet.com/1179887002/fac1502-financial-accounting-concepts-procedures-and-concepts-exam-2026-actual-exam-questions-with-verified-an… 1/20
,5/13/26, 9:54 AM FAC1502: FINANCIAL ACCOUNTING CONCEPTS; PROCEDURES AND CONCEPTS Exam || 2026 (Actual Exam) Questions with…
NON-PROFIT ENTITES Clubs; Charitable Organisations; Churches;
Educational Institutions; Trusts
PUBLIC SECTOR The Government; Provinces; Departments; Boards
and Commissions; Municipalities
USERS OF FINANCIAL 1. Investors - Providers of capital. Concerned with
INFORMATION the risk involved in their investment. Need
information to decide whether to invest, hold, or
withdraw funds.
2. Employees - Interested in entity's stability and
profitability for benefits and job security.
3. Lenders - Use financial information to determine
if loans can be paid back with interest.
4. Suppliers and other trade creditors - Use
informations for assurance that amounts owed are
paid on time.
5. Customers - Need to know the state of the entity
for reliability.
6. Government and their agencies - Use financial
information for taxation, policies, and statistical
purposes.
7. Public - Entities often contribute to the local
economy by employing people and local
structures:
STATEMENT OF PROFIT OR LOSS Financial results --> Financial Performance
AND OTHER COMPREHENSIVE (financial period) ---> Financial Position
INCOME
https://quizlet.com/1179887002/fac1502-financial-accounting-concepts-procedures-and-concepts-exam-2026-actual-exam-questions-with-verified-an… 2/20
, 5/13/26, 9:54 AM FAC1502: FINANCIAL ACCOUNTING CONCEPTS; PROCEDURES AND CONCEPTS Exam || 2026 (Actual Exam) Questions with…
STATEMENT OF CHANGES IN Reflects the profit or total comprehensive income
EQUITY and reflects the capital or equity.
STATEMENT OF FINANCIAL Reflects the networth of the entity at a specific
POSITION time. Determined in terms of assets and interests.
Affected by the entity's economic resources,
structure, liquidity, solvency, capacity to adapt to
economic changes.
STATEMENT OF CASH FLOWS The ability to generate cash will determine whether
the entity will be able to meet its economic
comittments.
DOMAINS OF ACCOUNTING 1. Financial accounting: External users - Creditors;
Clients; Banking institutions.
2. Management accounting: Internal users -
Management; Personnel
ACCOUNTING PRINCIPLES The techniques used in the practice of accounting.
Conceptual and Theoretical.
ACCOUNTING POLICY A set of decisions abut how the entity will handle
the same type of transaction in order to achieve
consistency.
INTERNATIONAL FINANCIAL A general framework and accounting concepts;
REPORTING STANDARDS (IFRS) pricinciples; methods and procedures.
ACCOUNTING STANDARDS AND Aim to encourage widespread use of particular
STATEMENTS standards to eliminate bad alternatives.
GOING CONCERN ASSUMPTION assumes an entity will remain in operation for the
foreseeable future.
https://quizlet.com/1179887002/fac1502-financial-accounting-concepts-procedures-and-concepts-exam-2026-actual-exam-questions-with-verified-an… 3/20
