CFAS Flashcards
1
Q
What is Accountancy?
A
Accountancy is the art of recording, classifying, and summarizing in a significant manner and in terms of money, transactions, and events which are, in part least, of a financial character and interpreted results thereof.
2
Q
The subject matter of accounting
A
Economic activity
3
Q
3 components of accounting
A
Identifying, Measuring, and Communicating
4
Q
Economic activities of an entity are referred to as..?
A
Transactions
5
Q
A
5
Q
Historical Cost
A
Recording assets, liabilities, and capital at the same value as initially acquired.
5
Q
A
6
Q
Current Cost
A
Recording assets and liabilities at the current value which they could be sold at in the present.
6
Q
A
6
Q
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