Introduction to Accounting

The type or branch of accounting that generates reports for the use of external parties such as creditors, investors and government agencies is known as:

• Financial Accounting

• Managerial Accounting

• Tax Accounting

• Forensic Accounting

Which one of the following is not an external user of accounting information?

• Investor

• Creditor

• Manager

• Customer

Who is known as the father of accounting?

• Leonardo da Vinci

• Fra Luca Pacioli

• Al Khawarizmy

• Al Mazendarany

The definition "Accounting is the process of identifying, measuring, and communicating economic information." came from which organization?

• AAA

• ACPA

• AICPA

• PICPA

What is the starting point of the accounting process?

• Classifying

• Recording

• Identifying

• Communicating

Transactions and events that cannot be measured in money terms are not recorded in the books of accounts.

• True

• False

This user of the financial statements is concerned mostly with the liquidity of business.

• Customers

• Investors

• Management

• Trade Creditors

Who among the following users of financial statements is concerned with the solvency of the business?

• Customers

• Lenders

• Employees

• Suppliers

A user of financial statement who is concerned with the performance of the business and its ability to give returns.

• Investor

• Lender

• Trade Creditor

• Customer

if the firm has received a order to sale of goods , it will not be recorded in the books of accounts.

• True

• False