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WorksheetsIntroduction to Accounting
Total questions: 15
Worksheet time: 8mins
Which of the following is not a step in the accounting process?
Identification
Communication
Recording
Verification
Which of the following is not an economic event?
An employee attending to the complaint of a customer.
A manager of a company selling an abandoned building.
Company S borrowing 5M from the bank due to tight financial conditions.
Company K releasing the salary of their employees for the month
Which of the following is not part of the main functions of accounting?
Fred prepared a company report to be submitted to tax authorities.
John recorded the purchase of equipment in the accounting books immediately after the purchase.
Jason prepares financial reports monthly for the stakeholders.
Allen canvassed the price of the sewing machine that will be used by the Operations Department.
Which following statements best describe the accounting process?
Accounting process is not complete until information has been communicated to its users.
It involves identifying relevant economic costs.
Recording economic events
All of the above
Which is the most important step in the accounting process?
Identification
Recording
Communication
All steps are equally important
Who is considered the Father of Accounting?
(a)
Which nature of accounting best emphasizes that accounting is not the goal?
Accounting as an art and a discipline
Accounting deals with financial information
Accounting is the means and not an end
Accounting is a process
Which of the following profession does not use accounting information?
Entrepreneurs
Managers
Government offices
None of the above
When we say that accounting deals with quantifiable information, it means that...
Accounting is a process
Accounting is a storehouse of financial information
Accounting is the means not the end
Accounting is service-oriented
What does this statement refer to: "The accounting records serve as the evidence that properties of business exists"?
Communicating results to various parties
Protecting properties of the business
Keeping systematic record of business transactions
Meeting legal requirements
Which period/event comes first in the history of accounting?
Double entry bookkeeping was disseminated
French Revolution
Industrial Revolution
Clay tablets were found in the Cradle of Civilization
The development of accounting theory started during this period.
Industrial Revolution
French Revolution
19th Century/Modern Accounting in Europe and America
20th Century Accounting
During period, the fixed assets and mass production were emphasized.
14th Century
French Revolution
Industrial Revolution
20th Century
Which of the following are considered external users of accounting information?
CFO
Tax authorities such as BIR
Employees
Owners of Information
Which of the following are considered internal users of information?
Creditors
Investors
Management
Customers
