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  • Tuto 1 - Theory of Intro To Actg & Concepts

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    Hana Yusri
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    This document provides an introduction to accounting concepts. It discusses what accounting is, the two major fields of accounting, who uses accounting information and how, four accounting concepts under GAAP, recording the value of purchased land and which principle supports it, what the going concern assumption means for business, the concept of complete, neutral and material error-free information, and how the assumption of reporting in U.S. dollars is supported.

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    Concepts & principles

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    Tuto 1 - Theory of Intro To Actg & concepts

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    This document provides an introduction to accounting concepts. It discusses what accounting is, the two major fields of accounting, who uses accounting information and how, four accounting concepts under GAAP, recording the value of purchased land and which principle supports it, what the going concern assumption means for business, the concept of complete, neutral and material error-free information, and how the assumption of reporting in U.S. dollars is supported.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    5 views1 page

    Tuto 1 - Theory of Intro To Actg & Concepts

    Uploaded by

    Hana Yusri
    This document provides an introduction to accounting concepts. It discusses what accounting is, the two major fields of accounting, who uses accounting information and how, four accounting concepts under GAAP, recording the value of purchased land and which principle supports it, what the going concern assumption means for business, the concept of complete, neutral and material error-free information, and how the assumption of reporting in U.S. dollars is supported.

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    © All Rights Reserved
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    INTRODUCTION TO ACCOUNTING

    TUTORIAL

    1. What is accounting?
    2. Briefly describe the two major fields of accounting.
    3. Describe the various types of individuals who use accounting information and
    how they use that information to make important decisions.
    4. Discuss any 4(four) of accounting concept under Generally Accepted
    Accounting Principles (GAAP).

    5. A business purchases an acre of land for $5,000. The current market value is
    $5,550 and the land was assessed for property tax purposes at $5,250. What
    value should the land be recorded at, and which accounting principle supports
    your answer?

    6. What does the going concern assumption mean for business?

    7. Which concept states that accounting information should be complete, neutral,


    and free from material error?

    8. Financial statements in the United States are reported in U.S. dollars. What
    assumption supports this statement

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