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ACCOUNTING 101

Authored by Joanne Marie Biso

Professional Development

11th Grade

Used 17+ times

ACCOUNTING 101
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16 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

It is a system that identifies, records, and communicates relevant economic events to interested users.

Communication

Recording

Information

Accounting

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who is considered the father of modern accounting?

Aristotle

Luca Pacioli

Augustus

Suetonius

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which nature of accounting best emphasizes that accounting is not the objective?

Accounting is an art

Accounting is a means and not an end

Accounting is a process

Accounting deals with financial information and transactions

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following does NOT show one of the main functions of accounting?

Preparation of a report to be submitted to the taxing authorities.

Recording the purchase of an equipment in the accounting books immediately

Preparation of financial reports monthly for the company's stakeholders

Canvassing the price of a sewing machine to be used in the company's operations

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who is the person responsible for the process of identifying, recording, and communicating the economic events of an organization?

Manager

Accountant

Bookkeeper

Treasurer

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who is the person responsible for the process of identifying, recording, and communicating the economic events of an organization?

Manager

Accountant

Bookkeeper

Treasurer

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The chief accountant is preparing for a meeting with the top management. This meeting is done monthly to evaluate the performance of the company.

Which step of the accounting process is most likely being done?

Recording

Identification

Communication

Classification

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