Accounting

The term 'accounting' refers to the

• use information in making business decisions

• use of special ways of recording business information.

• is the process of recording, summarizing, reporting and analyzing of financial data.

• is the process of recording, summarizing, reporting and analyzing of accounts in special books

________ is considered to be the “The teacher of Fundamental Accounting"

• Luca Pacioli

• Julius Caesar

• Donovan Salmon

• Kevin Systrom

The birthplace of modern-day accounting is Venice. In the Medieval Ages, Venice was a center of trade and commercial activity. Merchants had giant businesses and they were struggling to run these corporations efficiently.

• True

• False

accounting is as old as financial transactions themselves. As soon as credit was invented, humans began to use accounting to simplify their lives?

• True

• False

Which of the following is not a function of accounting?

• Measurement

• Profitability

• Forecast

• Compare and Evaluate

_________ is the consider to be the Father of Accounting

• Kevin Systrom

• Luca Pacioli

• Donovan Salmon

• Julius Caesar

Objective of Accounting include

(I)Compare and Evaluate and Information System

(II) Decision Making and Forecasting

(III) Ascertain the Profitability and Information System

(IV) Ascertaining the Financial Position and Information System

• I and II

• II and IV

• III and IV

• I and IV

• None of the above