Quiz 1

Question 1

In the accounting process, the step described as “sorting and grouping similar items together…” is best termed

Answer 1

classifying

Question 2

An accountant generally supervises the work of accounting clerks, helps with daily accounting work, and summarizes accounting information.

Answer 2

false

Question 3

This type of business ownership structure is best described as having limited risk for investors

Answer 3

corporation

Question 4

A funeral home is considered what type of business?

Answer 4

merchandising-service

Question 5

_________ is a system of gathering financial information about a business and reporting this information to users.

Answer 5

accounting