Accounting Quiz

It is an information system.

• Accounting

• Recording

• Communicating

• Identifying

The following are examples of internal users EXCEPT:

• Employees

• Customers

• Management

• Owners

Accounting deals with transactions and what kind of information?

• Managerial

• Governmental

• Financial

• Individual

This type of users makes use of special purpose financial statement.

• Internal users

• External users

• Outside users

• All of the above

The nature of accounting follows, EXCEPT

• Accounting is a service activity.

• Accounting is an art.

• Accounting is a means and not an end.

• Accounting is a process.

The definition of accounting by AICPA includes the following phases, EXCEPT

• Recording

• Classifying

• Summarizing

• Informing

Accounting is a/an

• Recording system

• Classifying system

• Summarizing system

• Information system

Accounting is a service activity. Its function is to provide ________ information, primarily financial in nature, about economic entities, useful in making economic decisions.

• Qualitative

• Quantitative

• Informative

• Legislative

Creditors, government, and potential investors are examples of

• Internal users

• External users

• Local users

• Foreign users

They are person within business firm who use financial information.

• Internal users

• External users

• Local users

• Foreign users