Quiz 1- Accounting

____ IS THE ART OF RECORDING CLASSIFYIONG AND SUMMARIZING IN A SIGNIFICANT MANNER AND IN TERMS OF MONEY TRANSACTIONS AND EVENTS.

ACCOUNTING IS A PROCESS.

• True

• False

ACCOUNTING IS NOT AN ART.

• True

• False

The following are the functions of Accounting:

•KEEPING SYSTEMATIC RECORD OF BUSINESS TRANSACTIONS

• PROTECTING PROPERTIES OF THE BUSINESS

• COMMUNICATING RESULTS TO VARIOUS PARTIES IN OR

CONNECTED WITH THE BUSINESS

• MEETING ILLEGAL REQUIREMENTS

• True

• False

A BRANCH OF AACCOUNTING PRIMARILY HANDLING THE RECORDINJG OF FINANCIAL TRANSACTIONS OF A BUSINESS.

• Financial Accounting

• Management Accounting

• Tax Accounting

• Government Accounting

IS A BRANCH OF ACCOUNTING WHICH FOCUSES ON THE PREPARATION OF FINANCIAL REPORTS USED BY MANAGERS IN THEIR DAY TO DAY DECISION MAKING.

• Financial Accounting

• Management Accounting

• Tax Accounting

• Government Accounting

ENCOMPASSES THE PROCESS OF ANALYSING RECORDING CLASSIFYING, SUMMARIZING AND COMMUNICATING ALL TRANSACTIONS INVOLVING THE RECEIPT AND DISPOSITION OF FUND PROPERTY.

• Financial Accounting

• Management Accounting

• Tax Accounting

• Government Accounting

Deals with how funds of government are used or disposed.

• Financial Accounting

• Management Accounting

• Tax Accounting

• Government Accounting

See to it that proper procedure were followed.

• Financial Accounting

• Management Accounting

• Tax Accounting

• Auditing

Composed of internal and external audit.

• Financial Accounting

• Management Accounting

• Tax Accounting

• Auditing