Accounting Standards and Principles Quiz
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Questions and Answers

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?

  • Profits, Losses, Expenditure
  • Assets, Liabilities, Owners Equity (correct)
  • Equity, Investments, Debts
  • Income, Expenses, Revenue

    • 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?

    <p>Financing, Investing, Operating</p> Signup and view all the answers

    What is the purpose of efficient activities in business?

    <p>Provide goods and services at low cost to their selling price</p> Signup and view all the answers

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