Accounting Fundamentals - Self Assessment Test

SECTION

LAST NAME

FIRST NAME

A business which prepares financial statements monthly is following what concept?

• a. Accounting Entity
• b. Periodicity
• c. Going Concern
• d. Objectivity

Who is the Father of Modern Accounting?

• Leonardo da Vinci
• Fra Luca Pacioli
• Aristotle
• Ernest Rutherford

Which of the following is a trading business?

• a clinic
• a law firm
• a pharmacy
• a telecommunications company

Mario buys clothes from Taytay Market and resells them. What is the nature of his business?

• Trading
• Bipolar
• Bilateral
• Manufacturing

What is the minimum number of accounts that accounting entries can have?

• One
• Four
• Five
• Two

To which area of accounting are generally accepted accounting principles primarily relevant?

• Managerial Accounting
• Financial Accounting
• Tax Accounting
• Financial Reporting to all regulatory agencies

Which of the following processes best defines accounting?

• Identifying economic activities
• Communicating results to interested parties
• Preventing fraud