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WorksheetsACCOUNTING 101
Total questions: 16
Worksheet time: 10mins
It is a system that identifies, records, and communicates relevant economic events to interested users.
Communication
Recording
Information
Accounting
Who is considered the father of modern accounting?
Aristotle
Luca Pacioli
Augustus
Suetonius
Which nature of accounting best emphasizes that accounting is not the objective?
Accounting is an art
Accounting is a means and not an end
Accounting is a process
Accounting deals with financial information and transactions
Which of the following does NOT show one of the main functions of accounting?
Preparation of a report to be submitted to the taxing authorities.
Recording the purchase of an equipment in the accounting books immediately
Preparation of financial reports monthly for the company's stakeholders
Canvassing the price of a sewing machine to be used in the company's operations
Who is the person responsible for the process of identifying, recording, and communicating the economic events of an organization?
Manager
Accountant
Bookkeeper
Treasurer
Who is the person responsible for the process of identifying, recording, and communicating the economic events of an organization?
Manager
Accountant
Bookkeeper
Treasurer
The chief accountant is preparing for a meeting with the top management. This meeting is done monthly to evaluate the performance of the company.
Which step of the accounting process is most likely being done?
Recording
Identification
Communication
Classification
Tell whether the economic event below is RELEVANT or NOT RELEVANT in the accounting process.
A meeting of the top management was held in the discussion room last month.
Relevant
Not Relevant
Tell whether the economic event below is RELEVANT or NOT RELEVANT in the accounting process.
The company received advance payments from its customers.
Relevant
Not Relevant
Tell whether the economic event below is RELEVANT or NOT RELEVANT in the accounting process.
Meralco announced that it will increase energy prices by the end of the month.
Relevant
Not Relevant
Tell whether the economic event below is RELEVANT or NOT RELEVANT in the accounting process.
Hiring of new employee
Relevant
Not Relevant
Tell whether the economic event below is RELEVANT or NOT RELEVANT in the accounting process.
Laborers working in a factory
Relevant
Not Relevant
Tell whether the economic event below is RELEVANT or NOT RELEVANT in the accounting process.
Purchase of materials
Relevant
Not Relevant
Tell whether the economic event below is RELEVANT or NOT RELEVANT in the accounting process.
Purchase of materials
Relevant
Not Relevant
Which of the following is NOT a nature of accounting?
Accounting is a process
Accounting is an art
Accounting uses qualitative information
Accounting deals with financial information
This is where accountants summarize all the recorded economic events into accounting reports.
Recording
Identifying
Communication
