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WorksheetsChapter 3 - Accounting the language of business
Total questions: 10
Worksheet time: 11mins
Why is Accounting considered the language of business?
a business is assumed to continue to operate for an indefinite period of time.
Continuity Assumption
Going concern Assumption
Time Period Assumption
Periodicity Assumption
This accounting period will begin on the first day of any month of the year except January and will end on the last day of the twelfth month completing the one-year period.
Calendar Year
Fiscal Year
Natural Business Year
Happy New Year
WHICH OF THESE ARE THE QUALITIES THAT FINANCIAL STATEMENTS SHOULD POSSESS
Understandability
Reliability
Reasonableness
Consistency
Effectivity
is primarily concern with the designs, installation improvements of accounting system intended specifically to help management in running the business
Financial Accounting
Auditing
Management Accounting
Tax Accounting
this is a new type of accounting information wherein primary concern is to set-up financial planning objectives-including the sources application of its resources beneficial to the economic entity.
Financial Accounting
Auditing
Management Accounting
Tax Accounting
Financial Management
Internal user
External user
Types of business activities are...
Services and merchandising
Services and manufacturing
Services, manufacturing and merchandising
What are the 4 Forms of Business Organization?
