Review in Basic Accounting

Review in Basic Accounting

11th Grade

15 Qs

quiz-placeholder

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Review in Basic Accounting

Review in Basic Accounting

Assessment

Quiz

Financial Education

11th Grade

Practice Problem

Medium

Created by

Tricia Mae Sonza

Used 2+ times

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15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What is the main objective of accounting?

To create profit for a company

To regulate government transactions

To advertise a business or an establishment

To identify, record, and communicate economic events

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What part of the accounting process involves choosing relevant economic events?

Identifying

Communicating

Reporting

Recording

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Who is recognized as the Father of Accounting?

Luca Pacioli

Adam Smith

Isaac Newton

Albert Einstein

4.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

The earliest evidence of accounting practices was discovered in which ancient civilization?

Greece

Egypt

Rome

Mesopotamia

5.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What material was used in keeping accounting records during ancient times?

Metal Plates

Clay Tablets

Paper Scrolls

Wood Planks

6.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What does GAAP stand for?

General Accounting and Auditing Principles

Generally Accepted Accounting Practices

Generally Accepted Accounting Principles

Global Accounting and Auditing Policies

7.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

It assumes that accounting only records business transactions and events that can be expressed in terms of money.

Materiality Principle

Time Period Assumption

Monetary Unit Assumption

Revenue Recognition Principle

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