Introduction to Accounting Quiz

What does accounting help determine?

• Profit or loss

• Cost of goods

• Marketing strategy

• Inventory turnover

Accounting is mainly concerned with:

• Biology

• Chemistry

• Financial information

• Philosophy

Which of the following is a definition of accounting by AICPA?

• The art of buying and selling

• The art of recording, classifying, and summarizing financial transactions

• The science of investing

• The process of negotiation

Who defined accounting as "identifying, measuring, and communicating economic information"?

• PRC

• American Accounting Association

• BOA

• DepEd

Accounting is referred to as a:

• Cultural tool

• Language of business

• Marketing strategy

• Law of finance

Accounting is both a ______ and an ______.

• Game, art

• Science, art

• Law, language

• History, rule

Accounting as a service activity means:

• It serves food

• It provides useful financial info

• It offers free internet

• It helps sell products

Accounting as a profession requires:

• A health license

• Formal education and licensure

• A driver’s license

• A business partner

Which agency regulates the accounting profession in the Philippines?

• DTI

• PRC

• CHED

• DOLE

What does PICPA stand for?

• Philippine Institute of Certified Public Accountants

• Philippine Institute of College Principals Association

• Public Internal Council of Philippine Accountants

• Philippine Institute of Computing Professionals Association