Accounting and Its Environment

Accounting and Its Environment

University

15 Qs

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Accounting and Its Environment

Accounting and Its Environment

Assessment

Quiz

Other

University

Practice Problem

Medium

Created by

CINDY VILLANUEVA

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15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Accounting is a process of recording, ____________, analyzing, interpreting, and reporting of financial information to the stakeholders of the business.

Measuring

Summarizing

Communicating

Classifying

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

True or False

Accounting is often characterized as the "language of business".

TRUE

FALSE

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which form of business organization is characterized by limited liability?

Sole Proprietorship

Partnership

Corporation

Both sole proprietorship and partnership

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following processes best defines accounting?

Measuring economic activities

Communicating results to interested parties

Preventing fraud

Both measuring economic activities and communicating results to interested parties

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is not one of the three-types of business activities?

Investing

Financing

Marketing

Operating

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A partnership is a business owned and operated by two or more persons who bind themselves to contribute money, property or industry to a common fund, with the intention of dividing profits among themselves.

TRUE

FALSE

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

For accounting purposes, a business and its owner are considered one and the same

TRUE

FALSE

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