Class 11 Introduction to Accounting

An Asset is...

• An asset is a resource currently owned and controlled by a business as a result of a past transaction

• An asset is a resource owned i the past by a business as a result of a past transaction

• An asset is something that costs money

Which of the following is an example of a liability?

• Loan

• Building

• Sales

• Accounts receivable

Which of the following is not a branch of accounting?

• cost accounting

• financial accounting

• book keeping and accounting

• management accounting

Which is the first step of accounting process?

• Classifying

• analyzing and interpretation

• recording

• financial statements.

We record ___________in the books of accounts.

• financial transactions

• no financial transactions

• both financial and non financial transactions

• none of these

Qualitative characteristics of accounting information are

• Relevance

• Reliability

• Comparability

• All of theses

End product of accounting is __________and _____________of 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 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