Quiz 1

Question 1

Give the types of Direct Users of Accounting

Answer 1

Owner
Management
Prospective Investors
Creditors
Employee
Government

Question 2

The “language of business”

Answer 2

Accounting

Question 3

Four Phases of Accounting

Answer 3

Recording
Classifying
Summarizing
Identifying

Question 4

Technically called bookkeeping

Answer 4

Recording

Question 5

2 Kinds of Bookkeeping

Answer 5

Single Entry of Bookkeeping
Double Entry of Bookkeeping

Question 6

Items are sorted and grouped

Answer 6

Classifying

Question 7

Data recorded are summarized through financial statements

Answer 7

Summarizing

Question 8

Accountant’s interpretation on the financial statement is needed

Answer 8

Interpreting

Question 9

Fields of accounting

Answer 9

Public Accounting and Private Accounting

Question 10

Professional service rendered by a CPA

Answer 10

Public Accounting

Question 11

Principal service that a public accountant offers

Answer 11

Auditing

Question 12

Advises on financial planning, budgeting, forecasting, and inventory control are offered

Answer 12

Management Advisory Services

Question 13

Filing of income tax returns

Answer 13

Tax Services

Question 14

Accounting job done in private business enterprises

Answer 14

Private Accounting