10 Questions
Who is considered the father of accounting?
Luca Pacioli
Where can evidence of accounting be found in ancient times?
Roman Egypt
What is the primary focus of financial accounting?
Recording, summarizing, and reporting business transactions related to financial activities
What does book-keeping mean?
Keeping the books in a systematic way
When did the practice of double entry book-keeping originate?
17th and 18th century
What is the standard framework of guidelines for financial accounting used in any given jurisdiction?
Generally Accepted Accounting Principles (GAAP)
Who are examples of people interested in receiving financial information for decision making purposes?
Stockholders, suppliers, banks, and employees
What is the primary focus of financial accounting?
Summary, analysis, and reporting of financial transactions
What are International Financial Reporting Standards (IFRS)?
A set of accounting standards stating how particular types of transactions and other events should be reported
What governs financial accountancy?
Both local and international accounting standards
Test your knowledge of financial accounting with this quiz! Explore the fundamentals of recording, summarizing, and reporting business transactions related to financial activities. From ancient origins to modern practices, challenge yourself with questions on the introduction and history of accounting.
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