(04-03-23) Introduction to Accounting

The basic objective of accounting is to provide quantitative financial information about an entity that is useful in making rational economic decisions.

• True

• False

Quantitative information is expressed in units and numbers.

• True

• False

All types of events are recorded in the accounting books.

• True

• False

Accounting is often referred to as a “language of business” because it is fundamental to the communication of financial information.

• True

• False

Marketing is responsible in creating value for customers and building strong customer relationship.

• True

• False

Board of directors are example of internal users.

• True

• False

Investors need accounting information to assess their return on investments.

• True

• False

Journalizing is where the accountant classified the effects of the events on the accounts.

• True

• False

Sociological and psychological are non-accountable events.

• True

• False

Examples of internal users are customers and public.

• True

• False