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Questions and Answers
What is accounting often referred to as?
What is accounting often referred to as?
- The language of business (correct)
- The science of economics
- The mathematics of commerce
- The art of finance
What are the components of the accounting equation?
What are the components of the accounting equation?
- Profits, Losses, Expenditure
- Assets, Liabilities, Owners Equity (correct)
- Equity, Investments, Debts
- Income, Expenses, Revenue
Who is regarded as the father of double entry accounting?
Who is regarded as the father of double entry accounting?
- Galileo Galilei
- Luca Pacioli (correct)
- Leonardo da Vinci
- Michelangelo
What are the activities in a business organization according to the text?
What are the activities in a business organization according to the text?
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What is the purpose of efficient activities in business?
What is the purpose of efficient activities in business?
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