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- 1. Multiple Choice
Who is consider the 'Father of Accounting'?
Luca Pacioli
John Pacioli
J. Betty
- 2. Multiple Choice
The nature of financial accounting is
historical
analytical
social
forward looking
- 3. Multiple Choice
Financial accounting provides accounting information to the ________ though the information is useful for internal purposes also
external users
internal users
company
competitors
- 4. Multiple Choice
What is the name of the accounting method created by Luca Pacioli?
Triple entry system
Single entry system
Matching entry system
Double entry system
- 5. Multiple Choice
What was the name of book written by Luca Pacioli?
The history of modern accounting system.
Accounting in the ancient Venice.
The modern accounting system.
Summa De Arithmetica, Geometrica, Proportion-te-proportionalita.
- 6. Multiple Choice
When is the origin of modern accounting?
In 1894
In 1694
In 1494
In 1794
- 7. Multiple Choice
Luca Pacioli was a...
Philosopher
Doctor
Engineer
Mathematician
- 8. Multiple Choice
The process of identifying, classifying, recording and communicating business transaction is called
Accounting
Bookkeeping
Double entry
Accountancy
- 9. Multiple Choice
Users of accounting information are:
external users
subsidiary users
external and internal users
Internal users
- 10. Multiple Choice
Which of the following users are considered as internal user?
Owner
Bank
Middle management
Buyer
- 11. Multiple Choice
One purpose of accounting information is to help certain users make decisions and plans for the business and to exercise control so that the plans come to fruition.
Which one of the following user groups is most likely to use accounting information for this purpose?
Managers
Community representative
Employees
Owners
- 12. Multiple Choice
The final step in the accounting cycle is to prepare:
closing entries
financial statement
a post-closing trial balance
adjusting entries
- 13. Multiple Choice
Revenues and expenses must be recorded in the accounting period in which they were earned or incurred, no matter when cash receipts or outlays occur under which of the following accounting methods?
Accrual basis accounting
Cash basis accounting.
Tax basis accounting
Revenue basis accounting
- 14. Multiple Choice
Under accrual accounting we recognize revenue when it is:
received, no matter when it is earned.
earned, as long as payment for it occurs in the same time. period
earned, no matter when payment for it is received.
received, as long as payment for it occurs in the same time period.
- 15. Multiple Choice
Which statement below is incorrect regarding cash basis revenue recognition?
A company recognizes revenue only when it receives the associated cash with the transaction.
Cash basis accounting considers only cash received as a result of the earnings process to be revenue.
When a business borrows money, the cash it receives is a liability, not a revenue
Under cash basis accounting, we recognize revenue only when we earn revenues
- 16. Multiple Choice
A weakness of the accrual basis accounting system is that it takes the focus off of:
stock
inventory
notes payable
cash
- 17. Multiple Choice
The basic approach(es) to recording economic activity is(are)
the true net income basis
the cash basis and the accrual basis
the cash basis
the accrual basis
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