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accountancy

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  • 1. Multiple Choice
    30 seconds
    1 pt

    The purpose of accounting is to....

    communicate information to interested users so that they can make informed decisions

    communicate financial and non-financial information to interested users so that they can make informed decisions

    communicate non-financial information to interested users so that they can make informed decisions

  • 2. Multiple Choice
    30 seconds
    1 pt

    A liability is...

    obligation of a business as a result of a past transaction

    Something a business has to pay because of a past event

    current obligation of a business as a result of a past transaction

  • 3. Multiple Choice
    30 seconds
    1 pt

    An Expense is...

    An expense is defined as a decrease in assets which can be a distribution to the owner

    An expense is defined as an increase in assets which can be a distribution to the owner

    An expense is defined as a decrease in assets which is not a distribution to the owner

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