Double-entry — principle?
Debits equal credits, ensuring balance.
Accounting principles — examples?
Entity, permanence, monetary, continuity.
Belgian legal basis — law?
Law 1975 and Royal Decree 1983.
Accounting records — purpose?
Provide a true and fair view.
Double-entry bookkeeping — principle?
Debits equal credits.
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.
Answer 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. What is the primary purpose of the double-entry bookkeeping system?
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