Introduction to Accounting Quiz

Accounting is the process of __________, __________, and __________ financial information.

• recording

• classifying

• summarizing

The person who writes the accounts is called an __________.

__________ is the systematic recording of financial transactions.

The primary objective of accounting is to ascertain __________ and __________.

• profit

• loss

Transactions are recorded in the __________ system.

The __________ concept ensures that the business's financial transactions are kept separate from those of its owner.

According to the __________ concept, a business will continue to operate indefinitely unless there is evidence to the contrary.

Under the __________ concept, only transactions measurable in monetary terms are recorded in the accounting books.

The __________ concept states that every financial transaction affects at least two accounts, maintaining the balance in the accounting equation.

The __________ convention says that important information, which could affect decisions, must be included in the financial statements.