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WorksheetsIntroduction to Accounting EMZ
Total questions: 12
Worksheet time: 9mins
_________ is the art of _________, __________, ____________ in a significant manner and in terms of ____________, ____________ and _______ which are in part of at least financial character and ___________ the result of there of.
(a)
This involves keeping a chronological diary of events that are measured in pesos. The diary referred to in the definition are the journals and ledgers which will be discussed in future chapters.
RECORDING
SUMMARIZING
CLASSIFYING
IDENTYFYING
Accounting that records, summarize, and communications to have a relevant, reliable, comparable to help users decide.
RECORDING
INTERPRETING
COMMUNICATING
CLASSIFYING
ALL TRANSACTIONS CAN BE RECORDED
TRUE
FALSE
Accounting is the process of RECORDING, CLASSIFYING and SUMMARIZING economic events of an organization for interested users
TRUE
FALSE
Resources that are owned and control
Ex. cash, property and investments
REVENUE
ASSET
EXPENSES
LIABILITIES
All of the following describe accounting, except
A service activity
An exact science rather that an an art
An information system
A universal language of business
Present obligation of the enterprise arising from past events which are to be settled in the future. It is required to be settled in the future
ASSETS
LIABILITIES
EQUITY
EXPENSES
Claim: or the Capital
Liabilities
Equity
Asset
Income
Increase in economic benefits
Expenses
Income
(a) is recording at business transactions in a systematic and chronological manner
it is smaller than accounting
(a) examines the financial statement to ascertain whether they conform with the GAAP (Accounting Concepts and Principles)
for the purpose of expressing an opinion on the fairness of this statements
