ACCTG1A REVIEWER
ACCTG 1A REVIEWER
1. Is a systematic process of measuring and reporting relevant financial information about the activities of an economic organization or unit
2. Its underlying purpose is to provide financial information
3. It is capable of being expressed in monetary terms
4. Defines accounting as the art of recording classifying and summarizing in a significant manner under terms of money transaction and events which are in part at least of a financial character and interpreting the result thereof
5. Defines accounting as a service activity
6. Its function is to provide quantitative information primarily financial in nature about economic entities that is intended to be useful in making economic decisions
7. Writing down of business transactions chronologically in the books of account as they transpire
8. Sorting similar and related business transactions into three categories of assets, liabilities, and owners equity
9. Preparing the financial statements from the transactions recorded in the books of account designed to meet the information needs of its users
10. Representing the qualitative and quantitative financial information about the business transactions in a language comprehensible to the users of financial statements
11. Users are able to determine the financial standing of the company as well as its stability and growth potential
12. Users interpret financial information relating to specific business decisions
13. This makes the accounting the language of business
14. These people provide the financial resources to keep the business going
15. These parties decide whether to invest or not depending on the estimated amount of income on their investment
16. Upon investment, they would want to know the financial position of operation of their business investment
17. Is important for tax purposes and in compliance with securities and exchange commission requirements
18. Before extending credit, ___ use financial information to
1. Is a systematic process of measuring and reporting relevant financial information about the activities of an economic organization or unit
2. Its underlying purpose is to provide financial information
3. It is capable of being expressed in monetary terms
4. Defines accounting as the art of recording classifying and summarizing in a significant manner under terms of money transaction and events which are in part at least of a financial character and interpreting the result thereof
5. Defines accounting as a service activity
6. Its function is to provide quantitative information primarily financial in nature about economic entities that is intended to be useful in making economic decisions
7. Writing down of business transactions chronologically in the books of account as they transpire
8. Sorting similar and related business transactions into three categories of assets, liabilities, and owners equity
9. Preparing the financial statements from the transactions recorded in the books of account designed to meet the information needs of its users
10. Representing the qualitative and quantitative financial information about the business transactions in a language comprehensible to the users of financial statements
11. Users are able to determine the financial standing of the company as well as its stability and growth potential
12. Users interpret financial information relating to specific business decisions
13. This makes the accounting the language of business
14. These people provide the financial resources to keep the business going
15. These parties decide whether to invest or not depending on the estimated amount of income on their investment
16. Upon investment, they would want to know the financial position of operation of their business investment
17. Is important for tax purposes and in compliance with securities and exchange commission requirements
18. Before extending credit, ___ use financial information to