WorksheetsQUIZ CHAPTER 1 - INTRODUCTION TO ACCOUNTING
Total questions: 10
Worksheet time: 5mins
Definition of Accounting
Accounting is a process of identifying, recording, classifying, summarizing, communicating and interpreting the results of business or economic transactions to users in order for them to make better decisions.
Accounting is a process of identifying, recording and classifying economic transactions to users.
Accounting is a process of preparing Income Statement and Financial Position Statement.
The users of accounting information are...
Internal users
External users
Internal & External users
Types of business activities are...
Services and merchandising
Services and manufacturing
Services, manufacturing and merchandising
Types of Financial Statements are..
Statement of Comprehensive Income, Statement of Owner’s Equity and Statement of Financial Position
Statement of Comprehensive Income, Statement of Owner’s Equity, Statement of Financial Position and Statement of Cash Flows
Statement of Comprehensive Income, Statement of Owner’s Equity, Statement of Financial Position and Budget
Types of business ownerships are...
Sole Proprietorship, Partnership and Company
Sole Proprietorship and Partnership
Partnership and Company
Which one is the internal user?
Potential investor
Management of a company
Creditor
To know the company’s profitability and the amount of dividend paid out to shareholders.
Which user refers to the above statement?
Investor
Potential Investor
Creditor
There are......branches of accounting
6
5
4
Which one is true about Bookkeeping?
More extensive and involving a thorough work
Is an information system
Is a part of accounting
Person in charge of Accounting is known as...
Accountant
Accounts Clerk
Manager of a company
