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Functions of Accounting Quiz

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Questions and Answers

What is the first step in the accounting process?

Recording transactions in journal

Identifying business transactions (correct)

Summarizing in trial balance

Classifying transactions in ledger

Which function of accounting involves putting the balances of all accounts at one place?

Classifying in ledger

Interpreting financial statements

Recording in journal

Summarizing in trial balance (correct)

Why are only transactions that can be measured in terms of money recorded in books of accounts?

To simplify the communication of financial data

To make financial statements look better

To prevent fraud and omission (correct)

Because it's easier to classify them

What is the purpose of classifying transactions in accounting?

To group transactions of the same nature together Signup and view all the answers

Why is communicating financial data an essential part of accounting?

To meet individual requirements of users Signup and view all the answers

What is the primary purpose of bookkeeping?

Recording monetary transactions Signup and view all the answers

Which of the following is a limitation of accounting mentioned in the text?

Accounting considers non-monetary aspects like quality and skills Signup and view all the answers

What is one advantage of accounting mentioned in the text?

Accounting provides a basis for performance evaluation Signup and view all the answers

Which statement best describes the scope of accounting compared to bookkeeping?

Accounting includes analyzing and communicating results Signup and view all the answers

Why are financial accounts considered unsuitable for forecasting according to the text?

They are records of past events Signup and view all the answers