Functions of Accounting Quiz

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10 Questions

What is the first step in the accounting process?

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

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

What is the purpose of classifying transactions in accounting?

Why is communicating financial data an essential part of accounting?

What is the primary purpose of bookkeeping?

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

What is one advantage of accounting mentioned in the text?

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

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


Test your knowledge about the functions of accounting which include identifying business transactions, recording transactions in books of accounts, classifying transactions, summarizing monetary transactions, and interpreting results.

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