TOPIC 2: INTRO TO ACCOUNTING
Introduction to Accounting Quiz
Test your knowledge on the fundamentals of accounting with this engaging quiz! Dive into essential concepts that form the backbone of successful financial management.
Discover key accounting principles through various topics, including:
- Financial accounting and its purposes
- Elements of accounting
- Conceptual frameworks in accounting
What are the three (3) main processes within the accounting system?
Purchasing goods & services, paying cash to suppliers & selling goods and services.
Identifying issues, analysing it step by step & communicating it to users.
Identifying transactions & events that relate to an entity, measure & record them in the accounting system & communicate that information in a meaningful format to users.
Communicate raw information directly to an entity’s various users & allow them to measure & analyse.
Which of the following statements is true?
Financial accounting information is for internal users only
Financial accounting statements focus on the future
Managment accounting is for external users only
Management accounting reports can be made whenever required
What is the purpose of the conceptual framework?
Explain the underlying principles that govern the production of the financial report.
Assist the Australian Accounting Standard board to develop standards based on consistent concepts.
Assist business to adhere to consistent accounting policies.
Which one is not part of the elements of accounting?
Income
Expenses
Revenue
Asset
Which of the following is true
Assets: the ingredients, the machines - Income: $20,000
Expenses: wages (if there are employees) + Repairing cost - Liabilities: $0
Income: $10,000 - Expenses: Repairing cost
Assets: The machines - Liabilities: $2000
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