The accounting process involves all of the following except

recording non quantifiable economic events.

The accounting process is correctly sequenced as

identification, recording, communication.

a resource owned and controlled by a business as a result of a past events

Which of the following would not be considered an internal user of accounting data for the LMN Company?

President of the employees' labor union

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ATW111: Class Exercise 1

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Questions 15

Answers

1
Communication of economic events is the part of the accounting process that involves
quantifying transactions into dollars and cents.
preparing accounting reports
identifying economic events
recording and classifying information.
2
The accounting process involves all of the following except
identify economic transactions that are relevant to the business
recording non quantifiable economic events.
communicate financial information to users by preparing financial reports
analyzing and interpreting financial reports
3
Which of the following would not be considered internal users of accounting data for a company?
The controller of a company.
The president of a company
Creditors of a company
Salesmen of the company.
4
Current assets are cash and assets that are normally converted into cash within a year.
True
False
5
Which type of business organisation has a separate legal entity from its owners, and the owners are not liable for debts
Sole trader
None of the above
Partnership
Limited Company
6
The accounting process is correctly sequenced as
identification, communication, recording.
recording, communication, identification.
communication, recording, identification.
identification, recording, communication.
7
The purpose of accounting is to....
to enable users to make informed decision
communicate non-financial information
communicate financial information
all of the above
8
The fundamental accounting equation states: Assets = Liabilities - Owners' Equity.
True
False
9
The process of identify, classify, recording and communicating business transaction is called as book-keeping.
False
True
10
Who is Luca Pacioli
The Brother of Accounting
The Father of Accounting
The Mother of Accounting
Accountant
11
Which of the following would not be considered an external user of accounting data for the LMN Company?
Management
Creditors.
LHDN
Customers.
12
Accountants refer to an economic event as a
purchase
transaction
sale
change in ownership
13
The starting point of the accounting process is
recording economic events.
identifying economic events.
None of these answers are correct.
communicating information to users.
14
An Asset is...
a resource owned and controlled by a business as a result of a past events
a resource owned by a business as a result of a past transaction
something that costs money
15
Which of the following would not be considered an internal user of accounting data for the LMN Company?
President of the employees' labor union
President of the company.
Production manager
Merchandise inventory clerk

ATW111: Class Exercise 1 Flashcards | StudBud