Questions for Practice Short Answer Questions 1. State the three fundamental steps in the accounting process. Answer: The three fundamental […]
1. Introduction to Accounting Process Accounting involves a systematic process of identifying, analyzing, recording, classifying, and summarizing business transactions, and
Questions for Practice Short Answers 1. Why is it necessary for accountants to assume that business entity will remain a
2.1 Generally Accepted Accounting Principles (GAAP) 2.2 Basic Accounting Concepts These are the fundamental ideas or basic assumptions underlying financial
Questions for Practice Short Answers 1. Define accounting. Answer: Accounting is the systematic process of identifying, recording, classifying, summarizing, and
Luca Pacioli’s 1494 book, Summa de Arithmetica, was the first to explain double-entry bookkeeping, introducing the concepts of debits, credits,
