CFAS- Chapter 1: The Accountancy Profession 2022/2023 with 100% correct answers
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Course
CFAS- Chapter 1: The Accountancy Profession
Institution
CFAS- Chapter 1: The Accountancy Profession
Accounting Standards Council
Accounting is a service activity
Accounting Standards Council
Accounting function is to provide quantitative information, primarily financial in nature, about economic entities, that is intended to be useful in making economic decision.
American Institut...
Accounting Standards Council correct answer Accounting is a service activity
Accounting Standards Council correct answer Accounting function is to provide quantitative information,
primarily financial in nature, about economic entities, that is intended to be useful in making economic
decision.
American Institute of Certified Public Accountants correct answer Accounting is the art of recording,
classifying, and summarizing in a significant manner and in terms of money, transactions, and events
which are in part at least of a financial character and interpreting the results thereof.
American Accounting Association correct answer Accounting is the process of identifying, measuring,
and communicating economic information to permit informed judgement and decision by users of the
information.
Identifying correct answer analytical component of accounting
Identifying correct answer recognition or nonrecognition of business activities as "accountable" events
External Transactions or Exchange Transaction correct answer economic events involving one entity and
another entity
Internal Transactions correct answer economic events involving the entity only
Production correct answer process by which resources are transformed into products
Casualty Loss correct answer sudden and unanticipated loss from fire, flood, earthquake, and other
event ordinarily termed as an act of God
, Measuring correct answer technical component of accounting
Measuring correct answer Assigning of peso amounts to the accountable economic transactions and
events
Communicating correct answer formal component of accounting
Communicating correct answer preparing and distributing accounting reports to potential users of
accounting information
Aspects of accounting implicit in the communication process correct answer recording, classifying, and
summarizing
Recording or Journalizing correct answer The process of systematically maintaining a record of all
economic business transactions after they have been identified and measured.
Classifying correct answer Sorting and grouping of similar and interrelated economic transactions into
their respective classes
Ledger correct answer a group of accounts which are systematically categorized into asset accounts,
liability accounts, equity accounts, revenue accounts, and expense accounts
Summarizing correct answer preparation of financial statements
Financial Reports correct answer tells how well an entity is performing in terms of profit and loss and
where it stands in financial terms
Overall Objective of Accounting correct answer To provide quantitative financial information about a
business that is useful to statement users particularly owners and creditors in making economic
decisions
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