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Questions and Answers
What is accounting often referred to as?
What is accounting often referred to as?
- The language of business (correct)
- The heart of finance
- The foundation of economics
- The backbone of business
Which of the following is not a part of the accounting process?
Which of the following is not a part of the accounting process?
- Summarizing transactions
- Designing engineering systems (correct)
- Identifying economic activities
- Classifying data
What does an engineer need to do in relation to accounting when preparing economy studies?
What does an engineer need to do in relation to accounting when preparing economy studies?
- Prepare cost estimates
- Select designs and procedures
- Provide technical support
- Reconcile with the book of accounts (correct)
Which concept in engineering economy requires consideration of the time value of money?
Which concept in engineering economy requires consideration of the time value of money?
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What does the time value of money concept focus on?
What does the time value of money concept focus on?
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Which activity is NOT part of the accounting practice mentioned in relation to engineering projects?
Which activity is NOT part of the accounting practice mentioned in relation to engineering projects?
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What must an engineer be familiar with when reconciling with the book of accounts according to the text?
What must an engineer be familiar with when reconciling with the book of accounts according to the text?
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