Financial Accounting quiz 1

What is accounting?

• It is a process to record financial transactions

• It is a process to record project execution

• It is a process to record the day to day activities in software project

• All of the above

what is financial accounting ?

• It is a process to record financial transactions

• It is a process to record project execution

• It is a process to record the day to day activities in software project

• All of the above

Financial Accounting is an ...

• Art of .....

• Science of ....

• Commerce

• Art & science of ......

• None of the above

Balance sheet is an example of....

• Classifying

• Summarizing

• Recording

• Interpreting

Professionals/ Businessmen need accounting because ......

• Projects are complicated and accounting helps them to keep track

• Projects will become directionless if there is no accounting

• Projects consume resources and accounting helps them to keep track

• All of the above

Which of the following is correct?

• Accounting helps in tracking the costs pertaining to IT software project execution

• Accounting helps in recording financial transactions

• Accounting interprets the financial data

• Accounting helps in the allocation of resources

• all of the above

1. What is a ledger?

• A record of summarized transactions

• A record of classified transactions

• Only a is true

• Only b is true

Types of business

• 3

• 4

• 5

• 6

What is business

• an economic activity

• an economic activity to earn profit

• a social activity

• none of them

types of business are

• sole

• partnership

• joint stock company

• all of the above