Scope and Purpose of Accounting

FA – Nov 2011 – L1 – SB – Q1c – Scope and Purpose of Accounting

This question asks for the contributions of IASC to the development of accounting.

Question

Write short notes on the contributions of the International Accounting Standards Committee (IASC) to the development of accounting.

Answer

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Tags: IASC Contributions, International Accounting Standards
Level: Level 1

Topic: Scope and Purpose of Accounting
Series: NOV 2011

FA – Nov 2011 – L1 – SB – Q1b – Scope and Purpose of Accounting

This question asks for the contributions of IFAC to the development of accounting.

Question

Write short notes on the contributions of the International Federation of Accountants (IFAC) to the development of accounting.

Answer

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Tags: IFAC Contributions, International Federation of Accountants
Level: Level 1

Topic: Scope and Purpose of Accounting
Series: NOV 2011

FA – Nov 2011 – L1 – SB – Q1a – Scope and Purpose of Accounting

This question asks for the contributions of the African Accounting Council (AAC) to the development of accounting.

Question

Write short notes on the contributions of the African Accounting Council (AAC) to the development of accounting.

Answer

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Tags: African Accounting Council, International Accounting
Level: Level 1

Topic: Scope and Purpose of Accounting
Series: NOV 2011

FA – May 2013 – L1 – SA – Q1 – Scope and Purpose of Accounting

This question assesses the understanding of what does and does not define accounting.

Question

Accounting may be viewed in several ways. Which of the following will NOT fairly define accounting?

A. An activity performed by accountants and their surrogates
B. A technique of management
C. A discipline of study
D. The process of identifying, measuring, and communicating economic information to end-users
E. A study of money and monetary policies in an organisation for decision-making

Answer

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Tags: Accounting Discipline, End-User Information, Scope of Accounting
Level: Level 1

Topic: Scope and Purpose of Accounting
Series: MAY 2013

FA – Nov 2013 – L1 – SA – Q8 – Scope and Purpose of Accounting

Identifying the first phase of financial accounting.

Question

Accounting has been defined in several ways, each emphasising a particular feature of the subject. In general, the first phase of financial accounting is the:

A. Preparation of financial statements
B. Analysis of financial statements
C. Writing of source documents
D. Drawing up of trading account
E. Wooing customers to buy goods

Answer

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Tags: Accounting Procedures, Financial Accounting, Phases
Level: Level 1

Topic: Scope and Purpose of Accounting
Series: NOV 2013

FA – Nov 2013 – L1 – SA – Q5 – Scope and Purpose of Accounting

Identifying the best definition of the concept of accounting.

Question

Which of the following best defines “the concept of accounting”?

A. An activity performed by accountants
B. A system comprising several interrelated and interdependent parts
C. A technique of management
D. A discipline of study
E. A process of handling information of economic nature, which is useful and adaptive to varying situations

Answer

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Tags: Accounting Concepts, Accounting Definition, Financial Information
Level: Level 1

Topic: Scope and Purpose of Accounting
Series: NOV 2013

FA – May 2022 – L1 – SA – Q12 – Scope and Purpose of Accounting

Identify one of the basic roles of accounting.

Question

One of the basic roles of accounting is to:

A. Detect fraud
B. Audit financial statements
C. Measure performance
D. Protect shareholders
E. Protect stakeholders

Answer

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Tags: Financial Reporting, Performance Measurement, Role of Accounting
Level: Level 1

Topic: Scope and Purpose of Accounting
Series: MAY 2022

FA – Nov 2022 – L1 – SA – Q1 – Scope and Purpose of Accounting

Identify the transaction that increases a business's cash balance.

Question

Which of the following transactions result in an increase in cash of a business?
A. Drawings from the business
B. Payment for a new asset
C. Proceeds from disposal of non-current asset
D. Payment to a supplier
E. Goods sold on credit to customers

Answer

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Tags: Cashflow, Financial Reporting, Transactions
Level: Level 1

Topic: Scope and Purpose of Accounting
Series: NOV 2022

FA – May 2023 – L1 – SA – Q1 – Scope and Purpose of Accounting

Identifying the sequence of the accounting processes.

Question

Which of the following is the sequence of the accounting processes?

A. Identifying, recording, summarising and communicating financial information

B. Identifying, summarising, recording and communicating financial information

C. Communicating, identifying, summarising and recording financial information

D. Communicating, recording and identifying financial information

E. Summarising, identifying, recording and communicating financial information

Answer

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Tags: Accounting Process
Level: Level 1

Topic: Scope and Purpose of Accounting
Series: MAY 2023

FA – MAY 2015 – L1 – SA – Q1 – Scope and Purpose of Accounting

Identify the transaction that is not a financing activity in the statement of cash flows.

Question

Which of the following will NOT be included as financing activities in the statement of cash flows of a business entity?
A. Proceeds from the issue of shares
B. Cash dividend paid to shareholders
C. Loan from the bank
D. Proceeds from disposal of non-current assets
E. Proceeds from the issue of debentures

Answer

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Tags: Business Entity, Cash Flows, Financing Activities
Level: Level 1

Topic: Scope and Purpose of Accounting
Series: MAY 2015

FA – Nov 2011 – L1 – SB – Q1c – Scope and Purpose of Accounting

This question asks for the contributions of IASC to the development of accounting.

Question

Write short notes on the contributions of the International Accounting Standards Committee (IASC) to the development of accounting.

Answer

Find Related Questions by Tags, levels, etc.

Tags: IASC Contributions, International Accounting Standards
Level: Level 1

Topic: Scope and Purpose of Accounting
Series: NOV 2011

FA – Nov 2011 – L1 – SB – Q1b – Scope and Purpose of Accounting

This question asks for the contributions of IFAC to the development of accounting.

Question

Write short notes on the contributions of the International Federation of Accountants (IFAC) to the development of accounting.

Answer

Find Related Questions by Tags, levels, etc.

Tags: IFAC Contributions, International Federation of Accountants
Level: Level 1

Topic: Scope and Purpose of Accounting
Series: NOV 2011

FA – Nov 2011 – L1 – SB – Q1a – Scope and Purpose of Accounting

This question asks for the contributions of the African Accounting Council (AAC) to the development of accounting.

Question

Write short notes on the contributions of the African Accounting Council (AAC) to the development of accounting.

Answer

Find Related Questions by Tags, levels, etc.

Tags: African Accounting Council, International Accounting
Level: Level 1

Topic: Scope and Purpose of Accounting
Series: NOV 2011

FA – May 2013 – L1 – SA – Q1 – Scope and Purpose of Accounting

This question assesses the understanding of what does and does not define accounting.

Question

Accounting may be viewed in several ways. Which of the following will NOT fairly define accounting?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Discipline, End-User Information, Scope of Accounting
Level: Level 1

Topic: Scope and Purpose of Accounting
Series: MAY 2013

FA – Nov 2013 – L1 – SA – Q8 – Scope and Purpose of Accounting

Identifying the first phase of financial accounting.

Question

Accounting has been defined in several ways, each emphasising a particular feature of the subject. In general, the first phase of financial accounting is the:

A. Preparation of financial statements
B. Analysis of financial statements
C. Writing of source documents
D. Drawing up of trading account
E. Wooing customers to buy goods

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Procedures, Financial Accounting, Phases
Level: Level 1

Topic: Scope and Purpose of Accounting
Series: NOV 2013

FA – Nov 2013 – L1 – SA – Q5 – Scope and Purpose of Accounting

Identifying the best definition of the concept of accounting.

Question

Which of the following best defines “the concept of accounting”?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Concepts, Accounting Definition, Financial Information
Level: Level 1

Topic: Scope and Purpose of Accounting
Series: NOV 2013

FA – May 2022 – L1 – SA – Q12 – Scope and Purpose of Accounting

Identify one of the basic roles of accounting.

Question

One of the basic roles of accounting is to:

A. Detect fraud
B. Audit financial statements
C. Measure performance
D. Protect shareholders
E. Protect stakeholders

Answer

Find Related Questions by Tags, levels, etc.

Tags: Financial Reporting, Performance Measurement, Role of Accounting
Level: Level 1

Topic: Scope and Purpose of Accounting
Series: MAY 2022

FA – Nov 2022 – L1 – SA – Q1 – Scope and Purpose of Accounting

Identify the transaction that increases a business's cash balance.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Cashflow, Financial Reporting, Transactions
Level: Level 1

Topic: Scope and Purpose of Accounting
Series: NOV 2022

FA – May 2023 – L1 – SA – Q1 – Scope and Purpose of Accounting

Identifying the sequence of the accounting processes.

Question

Which of the following is the sequence of the accounting processes?

A. Identifying, recording, summarising and communicating financial information

B. Identifying, summarising, recording and communicating financial information

C. Communicating, identifying, summarising and recording financial information

D. Communicating, recording and identifying financial information

E. Summarising, identifying, recording and communicating financial information

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Process
Level: Level 1

Topic: Scope and Purpose of Accounting
Series: MAY 2023

FA – MAY 2015 – L1 – SA – Q1 – Scope and Purpose of Accounting

Identify the transaction that is not a financing activity in the statement of cash flows.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Entity, Cash Flows, Financing Activities
Level: Level 1

Topic: Scope and Purpose of Accounting
Series: MAY 2015

Topic: Scope and Purpose of Accounting

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FA – Nov 2011 – L1 – SB – Q1c – Scope and Purpose of Accounting

This question asks for the contributions of IASC to the development of accounting.

You're reporting an error for "FA – Nov 2011 – L1 – SB – Q1c – Scope and Purpose of Accounting"

FA – Nov 2011 – L1 – SB – Q1b – Scope and Purpose of Accounting

This question asks for the contributions of IFAC to the development of accounting.

You're reporting an error for "FA – Nov 2011 – L1 – SB – Q1b – Scope and Purpose of Accounting"

FA – Nov 2011 – L1 – SB – Q1a – Scope and Purpose of Accounting

This question asks for the contributions of the African Accounting Council (AAC) to the development of accounting.

You're reporting an error for "FA – Nov 2011 – L1 – SB – Q1a – Scope and Purpose of Accounting"

FA – May 2013 – L1 – SA – Q1 – Scope and Purpose of Accounting

This question assesses the understanding of what does and does not define accounting.

You're reporting an error for "FA – May 2013 – L1 – SA – Q1 – Scope and Purpose of Accounting"

FA – Nov 2013 – L1 – SA – Q8 – Scope and Purpose of Accounting

Identifying the first phase of financial accounting.

You're reporting an error for "FA – Nov 2013 – L1 – SA – Q8 – Scope and Purpose of Accounting"

FA – Nov 2013 – L1 – SA – Q5 – Scope and Purpose of Accounting

Identifying the best definition of the concept of accounting.

You're reporting an error for "FA – Nov 2013 – L1 – SA – Q5 – Scope and Purpose of Accounting"

FA – May 2022 – L1 – SA – Q12 – Scope and Purpose of Accounting

Identify one of the basic roles of accounting.

You're reporting an error for "FA – May 2022 – L1 – SA – Q12 – Scope and Purpose of Accounting"

FA – Nov 2022 – L1 – SA – Q1 – Scope and Purpose of Accounting

Identify the transaction that increases a business's cash balance.

You're reporting an error for "FA – Nov 2022 – L1 – SA – Q1 – Scope and Purpose of Accounting"

FA – May 2023 – L1 – SA – Q1 – Scope and Purpose of Accounting

Identifying the sequence of the accounting processes.

You're reporting an error for "FA – May 2023 – L1 – SA – Q1 – Scope and Purpose of Accounting"

FA – MAY 2015 – L1 – SA – Q1 – Scope and Purpose of Accounting

Identify the transaction that is not a financing activity in the statement of cash flows.

You're reporting an error for "FA – MAY 2015 – L1 – SA – Q1 – Scope and Purpose of Accounting"

FA – Nov 2011 – L1 – SB – Q1c – Scope and Purpose of Accounting

This question asks for the contributions of IASC to the development of accounting.

You're reporting an error for "FA – Nov 2011 – L1 – SB – Q1c – Scope and Purpose of Accounting"

FA – Nov 2011 – L1 – SB – Q1b – Scope and Purpose of Accounting

This question asks for the contributions of IFAC to the development of accounting.

You're reporting an error for "FA – Nov 2011 – L1 – SB – Q1b – Scope and Purpose of Accounting"

FA – Nov 2011 – L1 – SB – Q1a – Scope and Purpose of Accounting

This question asks for the contributions of the African Accounting Council (AAC) to the development of accounting.

You're reporting an error for "FA – Nov 2011 – L1 – SB – Q1a – Scope and Purpose of Accounting"

FA – May 2013 – L1 – SA – Q1 – Scope and Purpose of Accounting

This question assesses the understanding of what does and does not define accounting.

You're reporting an error for "FA – May 2013 – L1 – SA – Q1 – Scope and Purpose of Accounting"

FA – Nov 2013 – L1 – SA – Q8 – Scope and Purpose of Accounting

Identifying the first phase of financial accounting.

You're reporting an error for "FA – Nov 2013 – L1 – SA – Q8 – Scope and Purpose of Accounting"

FA – Nov 2013 – L1 – SA – Q5 – Scope and Purpose of Accounting

Identifying the best definition of the concept of accounting.

You're reporting an error for "FA – Nov 2013 – L1 – SA – Q5 – Scope and Purpose of Accounting"

FA – May 2022 – L1 – SA – Q12 – Scope and Purpose of Accounting

Identify one of the basic roles of accounting.

You're reporting an error for "FA – May 2022 – L1 – SA – Q12 – Scope and Purpose of Accounting"

FA – Nov 2022 – L1 – SA – Q1 – Scope and Purpose of Accounting

Identify the transaction that increases a business's cash balance.

You're reporting an error for "FA – Nov 2022 – L1 – SA – Q1 – Scope and Purpose of Accounting"

FA – May 2023 – L1 – SA – Q1 – Scope and Purpose of Accounting

Identifying the sequence of the accounting processes.

You're reporting an error for "FA – May 2023 – L1 – SA – Q1 – Scope and Purpose of Accounting"

FA – MAY 2015 – L1 – SA – Q1 – Scope and Purpose of Accounting

Identify the transaction that is not a financing activity in the statement of cash flows.

You're reporting an error for "FA – MAY 2015 – L1 – SA – Q1 – Scope and Purpose of Accounting"

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