Fundamentals of Account Quiz 1

This business organization has a single owner called the proprietor who generally is also the manager.

• Sole Propreitorship

• Partnership

• Corporation

• Cooperative

Which of the following processes best defines accounting?

• Measuring economic activities

• Communicating results to interested parties

• Preventing fraud

• Both a and b.

Which of the following is not one of the three types of business activities?

• Investing

• Marketing

• Financing

• Operating

Which of the following processes is considered bookkeeping?

• Analyzing

• Recording

• Reporting

• Summarizing

Which type of business organization is owned by its stockholders?

• Corporation

• Partnership

• Sole propreitorship

• All of the above

Which accounting concept should be considered fi the owner of a business takes goods from inventory for his personal use?

• The substance over form concept

• The accrual concept

• The going concern concept

• The business entity concept

An activity carried out by a business to provide goods and

money is known as _____________?

• Manufacturing

• Trading

• Buy and sell

• Infrastructure

The language of business.

(a)  

A partnership si a business owned and operated by two or more persons who bind themselves to contribute money, property or industry to a common fund, with the intention of dividing the profits among themselves.

• True

• False

For accounting purposes, a business and its owner are considered one and the same.

• True

• False