Weekly Questions: Introduction (reviewing ACCT11059)

Q1: Why should I read the Study Guide in our unit?

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Q2: Who is Luca Pacioli? And why should I care?

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Q3: How is the fact men usually have clothes with buttons on the right, and women usually have buttons on the left, relevant to why we have double-entry accounting today?

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Q4: Is bookkeeping and double-entry accounting based on a business model? If so, why is it important we understand what this business model is?

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Q5: In accounting, what are journals and ledgers?

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Q6: Now that accounting is computerised, do we still use journals and ledgers?

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Q7: What is the proprietorship concept?

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Q8: Why do we have ‘debits’ and ‘credits’ in accounting? And what do ‘debits’ and ‘credits’ mean?

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Q9: What are the five elements of accounting? Define each element.

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Q10: What is accrual accounting?

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Q11: What is the extended fundamental accounting equation?

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Q12: In the Study Guide Chapter 1 Section 1.4, there are three things to memorise. What is the ‘first thing to memorise’?

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Q13: What is the ‘second thing to memorise’?

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Q14: What is the ‘third thing to memorise’?

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