Accounting Quiz 07

Bookkeeping mainly concerns with which part of accounting process?

Auditing the books of accounts

Recording financial information

Analyzing

Preparing financial statements

Correct! Wrong!

For which step of accounting process the accountants of business entity prepare financial statements?

Communication of financial information

Identification of economic event

Recording financial information

Making decisions about business

Correct! Wrong!

Auditing is what?

Examination of financial statements

Maintaining the ledger records

Preparation financial statements

Reporting the financial information

Correct! Wrong!

Which of the following is the external user of financial statements?

Creditor of the business

Manager of the business

CEO of the business

Controller of the business

Correct! Wrong!

Financial accounting provides financial information to all of the following external users except:

Creditors

investors

Government agencies

Managers

Correct! Wrong!

Identify the correct sequence of accounting process

Recording→Communicating→Identifying

Identifying→communicating→recording

Communicating→Recording→Identifying

Identifying→recording→communicating

Correct! Wrong!

In accounting an Economic event is referred to as:

Transaction

Cash

Bank statement

Exchange of money

Correct! Wrong!

Keeping the log of financial information in books of original entries is called__________?

Summarizing

Processing

Grouping

Recording

Correct! Wrong!

_________ is the first phase of accounting cycle?

Identifying an economic event or transaction

Posting entries to ledger accounts

Making decisions about business

Preparing journals

Correct! Wrong!

Which of the following is the internal user of financial statements?

Shareholder of the business

Government agency

Creditor of the business

Manager of the business

Correct! Wrong!

Accounting Quiz 07

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Accounting Quiz 07

Bookkeeping mainly concerns with which part of accounting process?

For which step of accounting process the accountants of business entity prepare financial statements?

Auditing is what?

Which of the following is the external user of financial statements?

Financial accounting provides financial information to all of the following external users except:

Identify the correct sequence of accounting process

In accounting an Economic event is referred to as:

Keeping the log of financial information in books of original entries is called__________?

_________ is the first phase of accounting cycle?

Which of the following is the internal user of financial statements?

About the author

Muhammad Arslan

Bookkeeping mainly concerns with which part of accounting process?

For which step of accounting process the accountants of business entity prepare financial statements?

Auditing is what?

Which of the following is the external user of financial statements?

Financial accounting provides financial information to all of the following external users except:

Identify the correct sequence of accounting process

In accounting an Economic event is referred to as:

Keeping the log of financial information in books of original entries is called__________?

_________ is the first phase of accounting cycle?

Which of the following is the internal user of financial statements?

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About the author

Muhammad Arslan