Review Test

He was called the Father of Accounting.

It was the first device used for recording during 3600 BC.

The second level of the major activities in the accounting process is...

This activity involves selecting economic events that are relevant to a particular business transaction.

It is the transfer of control of an economic resource from one party to another party.

It involves keeping a chronological diary of events that are measured in pesos. The diary referred to in the definition are the journals and ledgers.

• identifying

• communicating

• recording

• summarizing

Accounting is defined as...

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It means that accounting provides assistance to decision makers by providing them financial reports that

will guide them in coming up with sound decisions.

• Accounting is a process.

• Accounting deals with financial transactions.

• Accounting is a service activity.

• Accounting is an information system.

• Accounting is both an art and a discipline.

This means that accounting performs the specific task of collecting, processing and communicating financial information.

• Accounting is an information system.

• Accounting is a process.

• Accounting is a service activity.

• Accounting deals with financial transactions.

• Accounting is both an art and a discipline.

They are those individuals inside a company who plan, organize, and run the business. What category of users of accounting information do they belong?