Writing Down of business transactions chronologically in the books of accounts

Compromises three phases of accounting, recording, classifying and summarizing.

The exchange of values or an instance of buying and selling something.

The father of Double Entry Bookeeping

Who utilize accounting information to make lending decisions?

Which of below users considered as internal user?

Management use accounting information to:

Employees use accounting information to:

Parties outside the reporting entity or company

It refers to how helpful the information is for financial decision-making processes:

It is how quickly information is available to users of accounting information. What characteristics of financial information it is?

A qualitative information is reproducible given the same data and assumptions:

Provide qualitative information which is free from bias, complete and free from error.

A qualitative characteristics of financial information is easily understood

The owner purchase supplies for cash. What is value received in this transaction?

A services performed on account? What is value parted with in this transaction?

The business purchased insurance payable in 12 equal monthly payments. What value parted with in this transaction?

Services performed received partial cash and credit on the balance. What is/are value received in this transaction?

The business paid 1st monthly payment on the insurance purchased. What is value parted with in this transaction?

This is a business where a huge amount of capital is required and the ownership is divided into several number of shares.

Form of business where only small amount of capital is needed, the owner acts also as manager and he enjoys all the profits.

An organization that controls resources and engages in buying and selling of goods or services where profit is its primary motives.

It is the simplest type of business which performs service, for a fee, to a client or customer.

Where do you register your business name if you are the sole owner of your business?