What is accounting primarily concerned with?

Financial Accounting Day 1

Quiz
•
Financial Education
•
11th Grade
•
Hard
Attreyee Mukherjee
FREE Resource
11 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Interpreting legal documents
Designing business strategies
Recording financial transactions
Planning social events
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which statement best describes an economic event?
An event that involves the transfer of money or goods between individuals or entities
Any worldwide event that affects the environment
A social gathering where economic theories are discussed
A political movement impacting international relations
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the context of accounting, what does the 'measurement' involve?
Determining the impact of management decisions
Quantifying economic events in financial terms
Measuring the office space of an organization
Estimating the number of employees in a firm
4.
FILL IN THE BLANK QUESTION
1 min • 1 pt
What is the first step in the accounting process?
5.
FILL IN THE BLANK QUESTION
1 min • 1 pt
The acronym GAAP stands for:
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT one of the basic functions of accounting?
Management consulting
Recording
Communication
Identification
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the main objective of financial reporting?
To report on the company's stock performance
To provide financial information about the reporting entity
To record the minutes of managerial meetings
To outline the business strategic plan
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