ACC030 Lesson 1 - Introduction to Accounting

Who is the father of accounting?

• Al Khawarizmy

• Leonardo da Vinci

• Al Marjanery

• Fra Luca Pacioli

What is the system introduced by by Luca Pacioli?

• Accounting

• Bookkeeping

• Double Enter

• Double Entry

Bookkeeping differs from accounting. Which part of the accounting process is primarily involved in bookkeeping?

• Recording

• Measurement

• Communication

• Analyzing

Bookkeeping is mainly concerned with .............

• Interpreting the data for internal and external users

• Designing the systems in recording, classifying, and summarizing the recorded data

• Recording of financial data

• None of the above

………………… is the process of identifying, recording and classifying, summarizing, analyzing and interpreting business transaction.

• Transaction

• Bookkeeping

• Financing

• Accounting

The preparation of financial statement is done in the bookkeeping process.

• TRUE

• FALSE

The process of identify, classify, recording and communicating business transaction is called as book-keeping.

• TRUE

• FALSE

Bookkeeping differs from accounting in which part of process ?

• Classifying

• Interpreting

• Classifying

• Summarizing

Decisions can be made on the basis of accounting records.

• TRUE

• FALSE

The type or branch of accounting that generates reports for the use of external parties such as creditors, investors and government agencies is known as:

• Forensic Accounting

• Managerial Accounting

• Financial Accounting

• Tax Accounting