Intro to Accounting

It is a systematic recording of financial transactions and the presentation of the related information to appropriate persons.

• Management

• Recording

• Accounting

• Financing

It involves keeping a chronological diary of events that are measured in currency.

• Accounting

• Identifying

• Recording

• Communicating

Accounting is ___________ as it provides assistance to businesses by providing them financial information that will guide them in making sound decisions.

• a process

• a service activity

• an art

• an information system

It is the means by which business information is communicated to business owners and stakeholders to assess the efficiency and effectiveness of their business operations.

• Accounting

• Identifying

• Communicating

• Recording

Accounting is concerned with transactions and events having ____________ character.

• non-monetary

• relevant

• material

• financial

The oldest evidence of this practice was the ____________ of Mesopotamia which recorded earliest listings of accounts receivable and accounts payable

• financial statement

• clay tablet

• accounting theory

• Summa de Arithmetica

The Father of Accounting, who wrote Summa de Arithmetica, the first book published that contained a detailed chapter on double-entry bookkeeping

• Luca Pacioli

• Angelo Pietra

• René Descartes

• Nicolaus Copernicus

It involves selecting economic events that are relevant to a particular business transaction. The economic events are referred to as transactions.

• Communicating

• Recording

• Identifying

• Bookkeeping

True or False: Accounting is the means by which business information is communicated to business owners and stakeholders to create trends for analyzing and forecasting future sales.

• True

• False

During this period, thorough study of accounting and development of accounting theory began.

• The Cradle of Civilization

• French Revolution

• Industrial Revolution

• 19th Century