Accounting 1: 1st Pre-test

Accounting 1: 1st Pre-test

11th Grade

15 Qs

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Accounting 1: 1st Pre-test

Accounting 1: 1st Pre-test

Assessment

Quiz

Mathematics

11th Grade

Practice Problem

Medium

Created by

Christine Dj)

Used 4+ times

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15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Accounting is an art which also means that it is a behavioral knowledge involving creativity and skill.

True

False

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

The cash-in versus cash-out technique of measuring business performance will always result in the correct net profit.

True

False

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Accounting is only applicable to businesses rendering services because accounting is a service activity and a means to an end.

True

False

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

The financial statements are outputs of the accounting process that helps fulfill the stewardship function of the owners and managers.

True

False

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

The ability to turn a need into an opportunity to undertake a business is consistent with the concept of environmental scanning.

True

False

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

All transactions that are monetary and non-monetary in a business are within the scope of Accounting.

True

False

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Cost Accounting involves the recording of how much the product was produced.

True

False

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