WorksheetsIntroduction to Accounting
Total questions: 15
Worksheet time: 8mins
Accounting aims to communicate financial information to investors only.
True
False
Accounting deals with quantifiable information.
True
False
Which is the last step of accounting as a process of information?
Accountancy refers to the art of classifying the recorded transactions under their respective accounts
Preparation of financial statement
Interpret financial data
All of the choices
The earliest accounting was founded by?
Egyptian
Eastern
Roman
Greek
All of the following are functions of Accounting, except:
shorting
summarizing
recording
interpreting
Which of the following is not true?
Accounting is a communication tool that is useful to both internal and external decision-makers.
Accounting is useful only to profit-oriented organizations.
Accounting is the language of business.
Accounting is not an exact science.
Which is the last step of accounting as a process of information?
Communication of infromation
Recording the transaction
Analysis and interpretation of information
Preparation of financial statement
Accounting functions which referred to collecting and communicating economic information about the business enterprise.
Financial Position
Interpreting Recording
Decision Making
Information System
Which of the following is the most appropriate definition for Accountancy?
Accountancy refers to the art of classifying the recorded transactions under their respective accounts.
Accountancy refers to the systematic knowledge of accounting.
Accountancy refers to the art of communicating the financial transactions to accounting users.
Accountancy refers to the process of recording financial transactions in the order of their occurrence.
The basic function of financial accounting is to
Assist the management in performing functions effectively
Record all business transaction
Interpret financial data
No correct answer
It is the systematic analysis of the recording data so as to accumulate the transactions of similar type at one place.
Summarizing
Analyzing
Recording
Classifying
Accounting involves communication.
True
False
Accounting is the language of business.
True
False
It is preparation and presentation of the classified date in a manner useful to the users. This function involves the preparation of financial statement such as Income Statement, Balance Sheet, and Statement of Changes in Financial Position, Statement of Cash Flow, and Statement of Value Added.
Analyzing
Classifying
Recording
Summarizing
Which of the following is not a part of the functions of the accounting system?
Reporting the results of operations during a reporting period
Preparing financial statements that are favorable to the data-users
Analyzing and recording the business transactions of the enterprise
Classifying and summarizing the effects of the transactions on the accounting elements
