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WorksheetsFundamentals of Account Quiz 1
Total questions: 10
Worksheet time: 6mins
This business organization has a single owner called the proprietor who generally is also the manager.
Sole Propreitorship
Partnership
Corporation
Cooperative
Which of the following processes best defines accounting?
Measuring economic activities
Communicating results to interested parties
Preventing fraud
Both a and b.
Which of the following is not one of the three types of business activities?
Investing
Marketing
Financing
Operating
Which of the following processes is considered bookkeeping?
Analyzing
Recording
Reporting
Summarizing
Which type of business organization is owned by its stockholders?
Corporation
Partnership
Sole propreitorship
All of the above
Which accounting concept should be considered fi the owner of a business takes goods from inventory for his personal use?
The substance over form concept
The accrual concept
The going concern concept
The business entity concept
An activity carried out by a business to provide goods and
money is known as _____________?
Manufacturing
Trading
Buy and sell
Infrastructure
The language of business.
(a)
A partnership si a business owned and operated by two or more persons who bind themselves to contribute money, property or industry to a common fund, with the intention of dividing the profits among themselves.
True
False
For accounting purposes, a business and its owner are considered one and the same.
True
False
