HISTORY AND DEVELOPMENT OF ACCOUNTING
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17 questions
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- Q1Process of accounting includes all of the following, exceptSummarizingClassifyingRecordingInterpreting30s
- Q2Accounting as a social club believes that accounting principles, standards and societies exist, exceptTo improve the standards of financial reportingTo enhance the accountants’ public image of professional competencyTo promote the group interest and aims of accountantsTo instill a professional culture and enhance a monopoly in professional knowledge30s
- Q3History may reveal cause of an event as a certainty but can indicate probable factors affecting the event.FalseTrue30s
- Q4The historical evolution of accounting provides clues and explanations of double-entry bookkeeping and the development of modern accounting.TrueFalse30s
- Q5Under types of dounble entry, which of the following explained the statement below "Is aimed at maintaining the fundamental accounting equation that summaries the classification position''ClassificationCausal30s
- Q6On the year __ is referred as 'normative period'.195519991956197530s
- Q7Why normative period end in early 1970s?Normative theories were based on subjective opinion which varied between between individualsRapid expansion in technologyGovernment and corporate economic policy decisions based on accounting numbersTaxation and government legislation regarding reporting requirements30s
- Q8Stated below are the development of accounting practices over the 20th century have been identified by theorists except:Management Contribution PhaseProfessional Contribution PhasePoliticization PhaseConstitution Contribution Phase30s
- Q9'Specific scientific theory' period are also known aspositive erapre-theory periodnormative periodgeneral scientific period30s
- Q10Which are the following is the role of accounting: i. as a language ii. as a decision making iii. as social club iv. as a social commodity v. as a trading platformi, ii & iiii, ii & ivii, iv & vi, iii & v30s
- Q11Accounting as a magic isa method of deceiving users of reportsa software to solve the problem in accountinga method of a magician usedthe use of charms or spells believed to have supernatural power30s
- Q12All of the above happen during what century ? -Depreciating property was accounted. -Cost accounting emerged. -Techniques of accounting for prepayments and accruals. -Development of funds’ statements.18th century19th century20th century17th century30s
- Q13During 1494, Luca Pacioli had published books that described double entry bookkeeping, which of the following is one of his bookLa GéométrieProportioni et ProportionalitaSidereus NunciusPhilosophiæ Naturalis Principia Mathematica30s
- Q14History of accounting allows us to relate the past to what is practiced and to what ought to be practicedFalseTrue30s
- Q15Which of the following is not a role of accounting in business?To provide reports to users about the economic activities and conditions of a businessTo assess the various informational needs of users and design an accounting system to meet those needTo provide information to external users to determine the economic performance and condition of the businessTo personally guarantee loans of the business.30s