Financial Accounting Fundamentals Quiz
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Questions and Answers

Who is considered the father of accounting?

  • Roman Egypt
  • King himself
  • Luca Pacioli (correct)
  • Kautilya
  • Where can evidence of accounting be found in ancient times?

  • Kautilya arthashastra
  • Human agriculture and civilization
  • Roman Egypt (correct)
  • 17th and 18th century
  • What is the primary focus of financial accounting?

  • Recording, summarizing, and reporting business transactions related to financial activities (correct)
  • Rapid development in the 17th and 18th century
  • Describing the practice of double entry book-keeping
  • Maintaining systematic accounts for government servants
  • What does book-keeping mean?

    <p>Keeping the books in a systematic way</p> Signup and view all the answers

    When did the practice of double entry book-keeping originate?

    <p>17th and 18th century</p> Signup and view all the answers

    What is the standard framework of guidelines for financial accounting used in any given jurisdiction?

    <p>Generally Accepted Accounting Principles (GAAP)</p> Signup and view all the answers

    Who are examples of people interested in receiving financial information for decision making purposes?

    <p>Stockholders, suppliers, banks, and employees</p> Signup and view all the answers

    What is the primary focus of financial accounting?

    <p>Summary, analysis, and reporting of financial transactions</p> Signup and view all the answers

    What are International Financial Reporting Standards (IFRS)?

    <p>A set of accounting standards stating how particular types of transactions and other events should be reported</p> Signup and view all the answers

    What governs financial accountancy?

    <p>Both local and international accounting standards</p> Signup and view all the answers

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