Topic 1 - Introduction to Account

Topic 1 - Introduction to Account

1st Grade

13 Qs

quiz-placeholder

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Topic 1 - Introduction to Account

Topic 1 - Introduction to Account

Assessment

Quiz

Education

1st Grade

Practice Problem

Hard

Created by

Aina Farhana

Used 7+ times

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13 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

This is the meaning of accounting, except

Recording

Classifying

Interpreting

Transaction

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The purpose of recording and analyzing the accounting information are, except

to know the financial status of the organization whether the business is making profit or running at a loss and what are the corrective actions to be taken

sorting out the mass of accounting data into orderly & meaningful categories

If the transactions were being recorded, it would be easier to refer

If there are no proper records, the financial statements would be misleading.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

“the art of recording, classifying and summarizing in a significant manner and in terms of money, transactions and events, which are, in part at least, of a financial character and interpreting the results thereof”

Accounting Standards Council

AICPA Committee on Accounting Technology

American Accounting Associationv

Board of Accountancy

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the "recording" component in the definition of accounting?

Where preriodically the accounting data are summarized

Which involves sorting out the mass of accounting data into orderly & meaningful categories

Where transactions are recorded in the books of the business

Where the financial data are analyzed & used to assist in more effective decision making.

5.

FILL IN THE BLANK QUESTION

1 min • 1 pt

List down TWO (2) important of Financial Accounting.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Identifying, Classifying, Recording and Summarizing

Accounting

Bookkeeping

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Identifying, Classifying, Recording, Summarizing, Interpreting and Communicating

Bookkeeping

Accounting

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