Introduction to Accounting Quiz

Accounting is the process of __________, __________, and __________ financial information.

• recording

• classifying

• summarizing

The person who writes the accounts is called an (a)   .

(a)   is the systematic recording of financial transactions.

The primary objective of accounting is to ascertain __________ and __________.

• profit

• loss

Transactions are recorded in the (a)   system.

The (a)   concept ensures that the business's financial transactions are kept separate from those of its owner.

According to the (a)   concept, a business will continue to operate indefinitely unless there is evidence to the contrary.

Under the (a)   concept, only transactions measurable in monetary terms are recorded in the accounting books.

The (a)   concept states that every financial transaction affects at least two accounts, maintaining the balance in the accounting equation.

The (a)   convention says that important information, which could affect decisions, must be included in the financial statements.