TOPIC 2: INTRO TO ACCOUNTING

An educational illustration depicting accounting concepts such as financial statements, balance sheets, and analytical graphs in a classroom setting.

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

5 Questions1 MinutesCreated by LearningLeaf237

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 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

TOPIC 2: INTRO TO ACCOUNTING

Introduction to Accounting Quiz

More Quizzes