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Q 1/20
Score 0
1. Which order of events correctly portrays the history of accounting?
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Early Development in Mesopotamia- Development in the Roman Empire- Dissemination of double-entry bookkeeping in the fourteenth century Italy- Formation of accounting standards such as PAS and PFRS- Signing of charter by Queen Victoria
Early development in Mesopotamia- Development in the Roman Empire- Dissemination of double-entry bookkeeping in the fourteenth century Italy- Signing of charter by Queen Victoria- Formation of accounting standards such as PAS and PFRS
c. Early Development
Early Development in Mesopotamia- Development in the Roman Empire- Signing of charter by Queen Victoria- Dissemination of double-entry bookkeeping in the fourteenth century Italy- Formation of accounting standards such as PAS and PFRS.
Development in the Roman Empire- Early Development in Mesopotamia-Dissemination of double-entry bookkeeping in the fourteenth century Italy- Signing of Charter by Queen Victoria- Formation of accounting standards such as PAS and PFRS.
Q 2/20
Score 0
2. All of the following describe accounting, except
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A service activity
A universal language of business
An information system
An exact science rather than art
20 questions
Q.
1. Which order of events correctly portrays the history of accounting?
1
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2. All of the following describe accounting, except
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This accounting process is the recognition or non recognition of business activities as accountable events.
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4. What is the "measuring" component in the definition of accounting?
4
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5. The "communicating" process of accounting includes all of the following, except.
5
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6. What is the overall objective of accounting?
6
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7. Which of the following is the purpose of public auditing?
7
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8. Statement 1- In terms of conflict, tax accountants should follow the pronouncement of the PFRS over those NIRC.
Statement 2- Tax accounting follows all the guidelines provided in the PFRS and PAS.
8
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9. Which of the following statements about external users of accounting information is correct?
9
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10. Customers look at a company's financial statements
10
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11. Management consists of the following
11
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12. Which is the most likely reason why corporations are considered to have unlimited life?
12
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13. One advantage of a corporation over a partnership is ________.
13
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14. Income of cooperative (called net surplus) belongs to
14
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15. Statement 1- An individual can contribute his or her skill and expertise in a partnership.
Statement 2- A partnership cannot be formed until the partners agree on a profit-sharing scheme.
15
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16. Statement 1- Financial accounting has a wider scope than cost accounting.
Statement 2- It can be said that cost accounting is just a subset of financial accounting
16
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17. Statement 1- Cost accounting is a branch of accounting that provides information for management accounting and financial accounting
Statement 2- Cost object is the resource sacrificed to achieve an objective
17
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18. This assumption allows accountants to defer the recognition of expenses into the future?
18
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19. He is considered as the father of modern accounting
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20. Which of the following is a difference between the cash basis of accounting and the accrual basis of accounting?.
