Introduction of Business Accounting

What is the definition of Accounting?

• Accounting is the process of auditing financial statements.
• Accounting is solely focused on tax preparation.
• Accounting is the art of managing human resources.
• Accounting is the systematic process of recording, measuring, and communicating financial information.

Which one is not the type of business?

• corporation
• hobby
• partnership
• sole trader

Which one is NOT an internal users?

• Owner

• Government

• Managers

• Employees

Which Accounting Concept is this?

"Accounting assumes that an entity will continue to operate indefinitely."

• Economic entity

• Money measurement

• Going concern

• Historical cost

Which one is under Current Assets?

• Bank

• Vehicle

• Premises

• Investment

Which one is NOT the accounting concept?

• Materiality

• Money measurement

• Consistency

• Integrity

Which one is NOT the items in Income Statement?

• Assets

• Gross Profit

• Expenses

• Purchases

Which one is the items in Balance Sheet?

• Revenue

• Sales

• Current Depreciation

• Owner's Equity