Who is considered the Father of Accounting?

• Leonardo da Vinci

• Isaac Newton

• Albert Einstein

• Luca Pacioli

What is the primary objective of maintaining business records in accounting?

• To calculate profit or loss

• To ascertain financial position

• To provide information to users

• To remember every transaction

What does the term 'Assets' refer to in accounting?

• Economic resources of the business

• Total revenue earned by a business

• Investment made by owners

• Amounts due from others

What is the purpose of a voucher in accounting?

• To represent unsold goods

• To provide evidence of a transaction

• To calculate profit or loss

• To show the financial position

What does 'Drawings' represent in accounting?

• Amount spent to earn revenue

• Unsold goods at the end of the year

• Assets withdrawn by the owner for personal use

• Total revenue earned by a business

What is the distinction between current and non-current items in accounting?

• Current items are primarily for trading

• Current items are realised/settled within 12 months

• Current items are cash or cash equivalent

• Current items are involved in the operating cycle

What is the term used for the excess of revenue over expenses in an accounting year?

• Discount

• Profit

• Loss

• Gain

What is the classification of liabilities based on the time of settlement?

• Current and non-current

• Tangible and intangible

• Short-term and long-term

• Internal and external

What does 'Stock' represent in accounting?

• Unsold goods at the end of the year

• Amounts due from others

• Total revenue earned by a business

• Investment made by owners

What is the purpose of providing information to users in accounting?

• To remember every transaction

• To calculate profit or loss

• To ascertain financial position

• To communicate accounting information