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Accounting Basics Quiz

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Questions and Answers

Which of the following best describes accounting?

A process of identifying, measuring, and communicating economic information.

The art of recording, classifying, and summarizing transactions and events.

A service activity that provides quantitative information about economic entities.

A system that measures business activities and communicates the results to decision-makers. (correct)

What is the primary purpose of accounting information?

To interpret the results of financial transactions.

To measure and communicate economic information.

To provide quantitative information about economic entities.

To make informed judgments and decisions. (correct)

What is accounting referred to as?

The system that communicates financial information.

The language of business. (correct)

The process of measuring economic activities.

The art of recording financial transactions.

What does accounting involve?

Recording, classifying, and summarizing transactions and events. Signup and view all the answers

What does accounting provide to users of the information?

Informed judgments and decisions. Signup and view all the answers

Which of the following best describes the scope of accounting?

Accounting provides quantitative information Signup and view all the answers

What is the function of accounting?

All of the above Signup and view all the answers

What is the process of accounting?

Recording, classifying, and summarizing transactions and events Signup and view all the answers

What is accounting commonly referred to as?

The language of business Signup and view all the answers

What are the terms and rules of accounting comparable to?

The grammar of a language Signup and view all the answers