Financial Accounting Day 1

Financial Accounting Day 1

11th Grade

11 Qs

quiz-placeholder

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Financial Accounting Day 1

Financial Accounting Day 1

Assessment

Quiz

Financial Education

11th Grade

Hard

Created by

Attreyee Mukherjee

FREE Resource

11 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is accounting primarily concerned with?

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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