BASIC TERMS
Assets and liabilities are the same thing. Is this true or false?
False. Indeed, they are opposite concepts.
He is known as the "father of accounting".
Luca Pacioli
Why everyone should know about accounting?
Because money transactions are used everyday by all humans in the whole planet. For example, to buy a car, to get a loan, etc.
What's the difference between a bookkeeper and accountant?
Accountants are more qualified and prepared as they tend to perform more difficult tasks related to financial data.
What is the name of the first published book about double-entry bookkeeping which used the Gutenberg press?
"The Collected Knowledge of Arithmetic, Geometry, Proportion, and Proportionality"
Mention two benefits of learning accounting for non-accountants.
Budgeting, Investing, Setting long-term goals.
What’s the meaning of shareholders/stockholders?
They are the legal owners of a company.
What is a chartered accountant?
It is a certified public accountant (CPA).
What is financial literacy?
It is the process of educating your self to being able to manage your money effectively.
Mention three basic terms of accounting.
Stocks, balance sheet, and profits.
Artist and inventor Leonardo da Vinci were one of Pacioli's students. Is this true or false?
True
What is the structure of an effective paragraph?
Topic sentence, supporting sentences, and concluding sentence.
What's the meaning of: GAAP?
"General Accepted Accounting Principles"
Which accounting terms originated from Pacioli’s book?
debit, credit, journal, and ledger
Where you can usually find the topic sentence in a paragraph?
At the beginning of the paragraph.