Basic Accounting

“___________need accounting information to determine the firm‘s ability to repay loans. It may help them to decide whether to approve the loan application applied by the business”. The word THEM refers to:

• Employees

• Manager

• Investor

• Financial Institution

The following accounts are liabilities except

• Bank overdraft

• Give loan to Maya

• Account Payables

• Loan from a bank

One of the following is not a transaction.

• A. Mr. John started business with cash of $100,000

• Received a price list from suppliers

• Received interest from Bank $5,000

• Paid salaries $300

The two most common specialized fields of accounting in practice are?

• Environmental accounting and financial accounting

• Managerial accounting and financial accounting

• Managerial accounting and tax accounting

• Financial accounting and accounting system

Accounting is the language of _______.

• Business

• School

• Proprietor

• Management