Introduction to Accounting

Which of the following best describes accounting?

• Accounting is a method for predicting future financial trends.

• Accounting is a process of auditing financial statements.

• Accounting is a systematic process of identifying, recording, and communicating financial information.

• Accounting is a way to manage personal budgets and expenses.

Which element of accounting tells us that an accountant should only recognize accounting events that affects the financial status and performance of the company?

• Identifying

• Recording

• Communicating

Which element of accounting tells us that an accountant should prepare financial statements for their financial reports and forecasts?

• Identifying

• Recording

• Communicating

Which of the following type of data does financial data falls into?

• Quantitative Data

• Qualitative Data

Which nature of accounting tells us that accounting requires creative thinking

• Accounting is an art

• Accounting is functional and systematic

• Accounting is financial

• Accounting is social

What concept refers to the basic storage of information in accounting?

What process pertains to the recording of the accounts or transactions?

Which of the following presents the projected amount of money the company expects to acquire next business operation?

• Financial Statements

• Financial Forecasts

• Financial Analysis

• Financial Reports

How can you describe the function of accounting in business?

Which element of accounting refers to the tabulation of quantitative and qualitative data in journals

• Identifying

• Recording

• Communicating