1. Which one of the following statement completely and correctly describes accounting?

A) Recording, classifying and summarizing economic activities in systematic way
B) Recording, classifying and summarizing all activities in useful manner
C) Accounting is the systematic process of recording social activities only
D) Recording, classifying and summarizing economic activities in informal manner



2. To understand and use accounting information in making economic decisions, you must understand?

A) The nature of economic activities that accounting information describes
B) The assumptions and measurement techniques involved in developing accounting information
C) Which information is relevant for a particular type of decision that is being made?
D) All of Above



3. The outcome of financial accounting is to?

A) Record all transactions in the books of accounts
B) Provide management with detailed analyses of costs
C) Present the financial results to the organization by means of recognized financial statements
D) Calculate profit



4. How many approaches accounting has?

A) 1
B) 2
C) 3
D) 4



5. The controller's responsibilities are primarily in nature, while the treasurer's responsibilities are primarily related to?

A) Operational; Financial accounting
B) Accounting; Financial management
C) Financial management; Operations
D) Financial management; Accounting