Double-entry — principle?
Debits equal credits, ensuring balance.
Accounting records — purpose?
Provide a true and fair view.
Accounting principles — examples?
Entity, permanence, monetary, continuity.
Double-entry bookkeeping — principle?
Debits equal credits.
Belgian legal basis — law?
Law 1975 and Royal Decree 1983.
Luca Pacioli — significance?
Father of modern accounting.
VAT introduced — year?
1954 in France.
Balance Sheet — function?
Snapshot of assets, liabilities, equity.
Assets — definition?
Resources controlled by the entity.
Assets = Liabilities + Equity — mechanism?
Basic accounting equation.
Test your knowledge with 9 questions on Introduction to Accounting Principles and Practices.
1. Who is considered the Father of Accounting due to his role in formalizing double-entry bookkeeping?
2. Who is considered the father of modern accounting and in which year was he associated with the development of accounting principles?
Review the complete course in the revision sheet for Introduction to Accounting Principles and Practices.
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