FAC1502 Unit One Basic Principles of Accounting 5 Semester 2 2025 All Question

FAC1502 Unit One Basic Principles of Accounting
5 Semester 2 2025 All Question

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Assess ability to pay owed amounts



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1 Accounting 2 Qualitative Characteristics



3 Suppliers 4 Accounting Equation



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Terms in this set (79)

, Systematic recording of financial transactions for
Accounting
individuals or businesses.

Financial Statements Reports presenting financial data for decision-making.

Accounting method recording transactions in two
Double-Entry System
accounts.

Sole Proprietor Individual owning and operating a business alone.

Accounting Equation Assets = Liabilities + Owner's Equity.

General-Purpose Financial Financial reports for a wide range of users.
Reporting

Financial Performance Assessment of a business's profitability.

Snapshot of a business's financial health at a specific
Financial Position
point.

International Financial Global accounting standards for financial reporting.
Reporting Standards
(IFRS)

Management Accounting Accounting for internal decision-making and planning.

Entity Concept Business treated as a separate entity from its owners.

Accounting Principles Guidelines governing accounting practices.

Qualitative Characteristics Attributes making financial information useful.

Elements of Financial Components like assets, liabilities, and equity in
Statements financial reports.

Daily recording of financial transactions for
Bookkeeping
determining financial position.

Golden Rule of Emphasizes practice for understanding accounting
Accounting concepts.

Assumption that a business will continue operating
Going Concern
indefinitely.