PRINCIPLES OF ACCOUNTING 11/06/23

We record ___________in the books of accounts.

• Both financial and non-financial transactions

• Financial Transactions

• Non-financial Transactions

What is the starting point of the accounting process?

• Classifying

• Recording

• Identifying

• Communicating

It is a process of identifying, recording and communicating economic information that is useful in making economic decisions.

• Mass Communication

• Housekeeping

• Bookkeeping

• Accounting

Essential Element in the Definition of Accounting:

The accountant recognizes (i.e., records) the “accountable events” he has identified. This process is called “journalizing.” After journalizing, the accountant then classifies the effects of the event on the “accounts.” This process is called “posting.”

• Identifying

• Recording

• Communicating

Accounting is a process with the basic purpose of providing information about economic activities intended to be useful in making economic decisions.

• True

• False

Father of Mother Accounting

• Fra Luca Pacioli

• Fra Lippo Lippi

• Fra Pu Chino

• Frank Anne

Users of Accounting Information:

those who are directly involved in managing the business.

• Internal Users

• External Users

• Intermediate Users

Users of Accounting Information:

those who are not directly involved in managing the business.

• Internal Users

• External Users

• Intermediate Users

Piliin and salitang BONUS :)

• BONUS

• BOGUS

• BUNSO

• BUNOS

It is a form of business ownership, where there is one owner who's responsible for the business.

• Sole Proprietorship

• Partnership

• Corporation