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Fundamental Concepts And Principles In Accounting

14 Questions  I  By Geopoet
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Fundamental Concepts And Principles In Accounting
1. Define accounting and know its purpose.
2. Differentiate the types of business organizations.
3. Distinguish the different types of business operations.
4. Know and appreciate the basic accounting principles used in the practice of accounting.

  
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1.  Completed action which can be expressed in monetary terms.
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B.
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2.  Approaches used in reporting must be consistently employed from period to period.
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B.
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3.  All material facts that will significantly affect the financial statements must be indicated.
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4.  The business organization is separate and distinct from that of its owners.
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B.
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5.  All business transactions that will be entered in the accounting records must be fully supported by verifiable evidence.
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6.  Systematic process of measuring and reporting relevant financial information about the activities of an economic organization or unit.
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7.  Revenue is recognized when actually earned.
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8.  Standards, concepts, and measuring techniques used in the preparation and presentation of financial statements.
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9.  Methods used by a business to keep records of its financial activities and to summarize these activities in periodic accounting reports.
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10.  Expense is recognized when actually incurred or used.
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11.  All properties and services acquired by the business must be recorded at its original cost.
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12.  Assumes that business has the ability to operate indefinitely.
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13.  Financial accounting provides information about the activities on an economic enterprise for specified time periods.
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14.  Financial reporting is concerned with significant information enough to affect evaluation and decisions.
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