INTRODUCTION TO ACCOUNTING (G11)

We record ___________in the books of accounts.

• financial transactions

• no financial transactions

• both financial and non financial transactions

• none of these

__________________ is a language of business.

In which timeline did the following accounting event occur?

"At the time, people relied on accounting to keep a record of crop and herd growth."

• The Craddle of Civilization (3600 B.C.)

• 14th Century

• 21st Century

• The Middle Ages

Identify which nature of accounting is described by this statement:

"Accounting performs the specific task of collecting, processing and communicating financial information. In doing so, it follows some definite steps like the collection, recording, classification, summarization, finalization, and reporting of financial data."

• Accounting is a service activity.

• Accounting is a process.

• Accounting is both an art or a discipline.

• Accounting deals with financial information and transactions

Which of the correct sequence of accounting activities?

• Recording , Identification, Communication

• Identification, Recording, Communication

• Communication, Recording, Identification

Who is the Father of Modern Accounting?

• Luca Paciola

• Luca Pacioli

• Luci Pacioli

• Luca Paceoli

The starting point of the accounting process is

• communicating information to users.

• identifying economic events.

• recording economic events.

• None of these answers are correct.

In which timeline did the following accounting event occur?

"Pacioli wrote Summa de Arithmetica, Geometria, Proportioni et Proportionalita. Pacioli’s book became the reference text and teaching tool on the subjects of bookkeeping and accounting for the next several hundred years."

• The Craddle of Civilization (3600 B.C.)

• 14th Century

• 21st Century

• The Middle Ages

__________ is defined by American Institute of Certified Public Accountants (AICPA) as ‘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 financial character, and interpreting the results thereof.

• Accounting

• Business

• Marketing

• Management

“Accounting is a service activity. Its function is to provide quantitative information, primarily financial in nature, about the economic entities that is intended to be useful in making economic decisions.”

As defined by _______________

• Accounting Standards Council (ASC)

• International Accounting Standards Board (IASB)

• American Accounting Association (AAA)

• American Institute of Certified Public Accountants (AICPA)