Introduction to Accounting

3. Journal came from the Italian word _________
5. Accounting is a ________
6. It is a systematic and chronological recording of business transactions or events in accordance with established accounting rules and procedures.
12. According to American Institute of Certified Public Accountants (AICPA) Accounting is the ______ of recording, classifying, summarizing in a significant manner and in terms of money, transactions and events
14. During Bahi-Khata time, which country was the primary center for bustling trade and commercial activity?
15. It shows the financial condition or position of a business at a given moment of time.
19. A transaction affecting equity
20. They had giant businesses and they were struggling to run these corporations efficiently.
21. According to the ______ Accounting is the process of identifying, measuring, and communicating economic information to permit informed judgment and decisions by users of information
22. The birthplace of modern day accounting.
24. principal revenue-producing activities of a company, not investing or financing
25. An Accounting process that translates the financial transactions and events into an accounting data

1. During the modern Accounting, the world is considered as a ________.
2. Exchange of values that are equal or which are presumed to be equal.
4. In what era did the government approve certain companies and give them exclusive rights to trade with certain colonies.
7. it is the summary of revenue and expenses
8. Developed by Indian merchants
9. Father of Modern Day Accounting.
10. Oldest system of accounting: writing and counting money
11. “Book of Final Entry”
13. An Accounting process that sorts or groups together similar or interrelated business transactions and events which are recorded in a general ledger
16. During the Ancient Mesopotamia, records are found here.
17. “Book of Original Entry”
18. The Italian word of Journal means ______
23. Accounting has been further developed and is highly regulated in most countries.