Financial Accounting and Reporting Chapter 1 Exam Questions and Answers 100% Solved | Rated A+
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Financial
Institution
Financial
Financial Accounting and Reporting
Chapter 1 Exam Questions and Answers
100% Solved | Rated A+
Accounting - The process of identifying, recording and communicating
economic information that is used in making economic decisions.
Identifying - The accountant analyzes each business transaction an...
Where do we find qualitative information? - ✔✔Found in the notes of
financial statements as well as on the face of the other components of
financial statements
Financial Information - ✔✔Information expressed in money
Is financial information also a quantitative information? Why? - ✔✔Yes,
because monetary amounts are normally expressed in numbers.
Accounting as a science - ✔✔As a social science, accounting is a body of
knowledge that has been systematically gathered, classified, and organized
Accounting as art - ✔✔As a practical art, accounting requires the use of
creative skills and judgment.
Accounting as an information system - ✔✔A system is one that consist of
an input, a process, and an output.
What are the inputs, process, and outputs of accounting as an information
system? - ✔✔The inputs are the identified accountable events; the
processes are recording, classifying, and summarizing; and the output is
the accounting report that is communicated to the users.
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