Basic Accounting_Quiz No. 1

Accounting is an art and a perfect science.

• True
• False

The culmination of accounting service is the preparation of financial reports.

• True
• False

Accounting serves as an information system for business purposes.

• True
• False

Good reputation and proficiency are the primordial qualities of an accountant.

• True
• False

Accounting internal control protects the assets of the business.

• True
• False

The objective of accounting underscores the fact that financial reporting is the end in itself.

• True
• False

Accounting touches all aspects of activities, except that of non- stock, non-profit entities.

• True
• False

Accounting shows the financial statements users the true picture of business financial condition.

• True
• False

External users of accounting information need more detailed information than the management group.

• True
• False

Internal accounting reports are more strictly governed by the required accounting standards than the general accounting reports for external users.

• True
• False