Introduction to Accounting Quiz
Quiz
•
Education
•
12th Grade
•
Practice Problem
•
Medium
HAIZAN BM
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41 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following best describes accounting?
Recording only cash transactions
Recording, classifying, and summarizing financial information
Preparation of tax documents
Recording only personal information
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The main purpose of financial accounting is to:
Keep track of employee performance
Provide financial information to internal users
Provide financial information to external users
Help in inventory control
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT a characteristic of financial accounting?
Historical in nature
Used by management only
Governed by accounting standards
Quantitative in nature
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The person who uses accounting information to make investment decisions is called a:
Supplier
Customer
Investor
Manager
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Financial statements are usually prepared:
Monthly
Weekly
Quarterly and annually
Daily
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a basic accounting assumption?
Conservatism
Going concern
Cost
Matching
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The principle that states revenues should be recorded when earned is the:
Matching principle
Revenue recognition principle
Historical cost principle
Consistency principle
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