This means sorting of business transactions to their specific accounts.
Basic Accounting Terminologies

Quiz
•
Other, Business
•
10th - 12th Grade
•
Medium
DG M
Used 52+ times
FREE Resource
25 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
Classifying
Recording
Interpreting
Summarizing
2.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
It is defined as the systematic and chronological recording of business transactions.
Bookkeeping
Financing
Interpreting
Planning
3.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
It is the language of business as it is communicating the financial statements to the users.
Budgeting
Accounting
English language
Bookkeeping
4.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
It means writing down of business transactions in the journals or in the official book of accounts.
Recording
Classifying
Interpreting
Summarizing
5.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
It is engaged in analyzing the financial statements.
Recording
Classifying
Interpreting
Summarizing
6.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
It is grouping of the entries recorded in the books of accounts and the preparation of financial statements.
Recording
Classifying
Interpreting
Summarizing
7.
MULTIPLE CHOICE QUESTION
5 sec • 1 pt
The first phase of accounting is bookkeeping.
True
False
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