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Accounting: Theoretical Framework Unit 1 Quiz

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Accounting: Theoretical Framework Unit 1 Quiz

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Questions and Answers

What is the primary purpose of accounting?

To understand the relationship between accounting and law

To record transactions and events (correct)

To analyze economic resources

To appreciate the evolutionary process of accounting

What is the significance of book-keeping in relation to accounting?

It helps in analyzing economic resources

It is a sub-field of accounting (correct)

It assists in decision-making processes

It is unrelated to the field of accounting

Which field is NOT directly related to accounting?

Economics

Physics (correct)

Mathematics

Statistics

In what way does accounting contribute to decision-making?

By recording economic activities Signup and view all the answers

What is the universal application of accounting according to the text?

Generating information for any type of economic activity Signup and view all the answers

What is the main objective of this study material?

To facilitate decision-making in business activities through financial information Signup and view all the answers

According to the Committee on Terminology of the American Institute of Certified Public Accountants, what is the definition of accounting?

The art of recording, classifying, and summarizing financial transactions and events Signup and view all the answers

What is the purpose of transferring transactions and events to the Ledger?

To classify transactions in terms of income, expense, assets, and liabilities Signup and view all the answers

What does the growth of accounting discipline closely associate with?

The growth of business activities Signup and view all the answers

In what are the business transactions recorded initially?

Journal or subsidiary books Signup and view all the answers