FABM 1 Question and answers correctly solved 2024/2025
5 views 0 purchase
Course
REFM
Institution
REFM
FABM 1 Question and answers correctly solved 2024/2025 FABM 1
Accounting - correct answer Defined as an information system that measures processes and communicates information primarily financial nature
Accounting - correct answer Referred to as the language of business because it is the...
FABM 1
Accounting - correct answer ✔Defined as an information system that
measures processes and communicates information primarily financial nature
Accounting - correct answer ✔Referred to as the language of business
because it is the communication link between the entity and the users of
financial information
Fra Luca Pacioli - correct answer ✔Father of accounting - author of "summa
de arithmetica geometrica proportioni et proportionalita (1494)
Accounting Information System - correct answer ✔Starts with the business
activities which are documented
Documented Business Activities - correct answer ✔Measured in terms of
money
Accounting Journals - correct answer ✔The transactions and economic
events are analyzed and then recorded in the accounting books called....
Accounting Ledger - correct answer ✔The journal entries are classified and
summarized.
The classified transactions which have been posted in the... become the
source of the financial reports rendered to the users of financial statements
Analyzing - correct answer ✔The first ohase of accounting process
The accountant must look at transactions entered into, economic events that
have taken place and determine their effects on the business
, Recording - correct answer ✔Involves writing the effects of transactions and
events that have been analyzed
Journal - correct answer ✔Where information in the accounting books are
being put
Classifying - correct answer ✔It is the sorting or grouping of like transaction
and events into the specific account titles
Summarizing - correct answer ✔It is in the process that involves groupings
together fhe various accounts referred as to in the classifying process.
This is where the accounts is grouped into assets, liabilities, owner's equity,
revenue, cost and expenses
Reporting - correct answer ✔Involves the preparation of financial summaries
called financial statement
These are written or documenratary media
Interpreting - correct answer ✔Is the combination of figures and narrations
based on the figures presented
Directs the significance of matters and relationship
Involves the computation of relationship of figures from the financial reports
and the schedules
Double Entry System - correct answer ✔Means value received and value
parted with.
It means that for every transactions or economic event there are atleast two
effects in the accounting equation
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Carzola98. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.49. You're not tied to anything after your purchase.