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Questions and Answers
What is the main purpose of accounting?
What is the main purpose of accounting?
- Development of financial software
- Management of business operations
- Creation of marketing strategies
- Communication of accounting information (correct)
Who is credited with explaining the principles of Double Entry Book-keeping in the 15th century?
Who is credited with explaining the principles of Double Entry Book-keeping in the 15th century?
- Michelangelo
- Leonardo da Vinci
- Galileo Galilei
- Luca Pacioli (correct)
Which form of business entity follows the expanded financial information system?
Which form of business entity follows the expanded financial information system?
- Sole proprietorship only
- Non-profit organizations only
- All forms of business entity (correct)
- Partnership only
What event led to the recognition of the idea of financial accounting based on the Double Entry principle?
What event led to the recognition of the idea of financial accounting based on the Double Entry principle?
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When was a modern system of accounting, as followed at present, developed?
When was a modern system of accounting, as followed at present, developed?
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What are the two main statements used for communicating accounting information?
What are the two main statements used for communicating accounting information?
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What separated ownership from management, leading to the recognition of financial accounting based on Double Entry principle?
What separated ownership from management, leading to the recognition of financial accounting based on Double Entry principle?
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Who were to be safeguarded and acquainted with the performance of companies, leading to the need for financial accounting?
Who were to be safeguarded and acquainted with the performance of companies, leading to the need for financial accounting?
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