This file of XACC 280 Entire Course A+ Study Guide contains:
Financial Accounting Concepts and Principles
Business - Accounting
Accountants refer to an economic event as a
d. change in ownership.
Communication of economic events is the part of the accounting process that involves
a. identifying economic events.
b. quantifying transactions into dollars and cents.
c. preparing accounting reports.
d. recording and classifying information.
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Which list below best describes the major services performed by public accountants?
a. Bookkeeping, mergers, budgets
b. Employee training, auditing, bookkeeping
c. Auditing, taxation, management consulting
d. Cost accounting, production scheduling, recruiting
The use of computers in recording business events
a. has made the recording process more efficient.
b. does not use the same principles as manual accounting systems.
c. has greatly impacted the identification stage of the accounting process.
d. is economical only for large businesses.
Generally accepted accounting principles are
a. income tax regulations of the Internal Revenue Service.
b. standards that indicate how to report economic events.
c. theories that are based on physical laws of the universe.
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