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Accounting Fundamentals: Recording, Classifying, and Communicating Financial Information

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Finance - Personal Finance

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andrsonztdc Created by 10 mon ago

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Cards in this deck(17)
In broad terms, a system that helps businesses track events that affect them is known as _____.
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The process that involves identifying events and communicating the summarized results of all events is called _____.
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According to WEYGANDT, J. Et. Al., the three processes of accounting are _____, recording, and communicating.
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The two types of diaries used in recording financial transactions are _____ and ledger.
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The process of accounting that involves keeping a chronological diary of events measured in pesos is known as _____.
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The book of original entry in accounting is referred to as the _____.
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According to the American Institute of Certified Public Accountants (AICPA), the three interconnected phases of accounting are recording, classifying, and _____.
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The book of final entry in accounting is known as the _____.
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The process of selecting economic events relevant to a particular business transaction is called _____.
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The process that involves the preparation and distribution of financial and other accounting reports is known as _____.
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The Philippine Institute of Certified Public Accountants (PICPA) defines accounting as a system that measures business activities, processes information into reports, and communicates findings to _____.
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The process of analyzing and understanding records so they become useful to users of accounting information is called _____.
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A service entity whose function is to provide quantitative information is defined by the _____.
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The process of identifying, measuring, and communicating economic information is defined by the _____.
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Standards that encompass the details, complexities, and legalities of business and corporate accounting are known as _____.
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The organization that uses GAAP as the foundation for its comprehensive set of approved accounting methods and practices is the _____.
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The accounting standards contained in the Philippines are known as _____ and Philippine Financial Reporting Standards (PFRS).
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