Accounting > A-Level Question Paper > Solution Manual For Financial Accounting Fundamentals (All)
1) Accounting is an information and measurement system that identifies, records, and communicates relevant, reliable, and comparable information about an organization's business activities. Answer:... TRUE Difficulty: 1 Easy Topic: Importance of Accounting Learning Objective: 01-C1 Explain the purpose and importance of accounting. Bloom's: Remember AACSB: Communication Accessible/AICPA: Keyboard Navigation 2) Recordkeeping, or bookkeeping, is the recording of transactions and events, either manually or electronically. This is just one part of accounting. Answer: TRUE Difficulty: 1 Easy Topic: Importance of Accounting Learning Objective: 01-C1 Explain the purpose and importance of accounting. Bloom's: Remember AACSB: Communication Accessible/AICPA: Keyboard Navigation 3) An accounting system captures relevant data about transactions and then classifies, records, and reports data. Answer: TRUE Difficulty: 1 Easy Topic: Importance of Accounting Learning Objective: 01-C1 Explain the purpose and importance of accounting. Bloom's: Remember AACSB: Communication Accessible/AICPA: Keyboard Navigation 4) Financial accounting is the area of accounting aimed at serving external users by providing them with general-purpose financial statements. Answer: TRUE Difficulty: 1 Easy Topic: Users of Accounting Information Learning Objective: 01-C2 Identify users and uses of, and opportunities in, accounting. Bloom's: Remember AACSB: Communication Accessible/AICPA: Keyboard Navigation [Show More]
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