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Question 1

It is a service activity to provide quantitative information. It is the process of identifying, recording and communicating economic information. It is an art of recording, classifying and summarizing.

Answer 1

Accounting

Question 2

Nature of accounting

Answer 2

•Accounting is a process
•Accounting is an art
•Accounting deals with Financial Information
•Accounting is a means and not end
•Accounting is an Information system

Question 3

A process composed of multiple steps that lead to a common goal.

Answer 3

Accounting is a Process

Question 4

It entails creativity and skills that help us attain some objectives.

Answer 4

Accounting is an Art

Question 5

These are the only events identified by the accountant, recorded in the books and communicated to different parties.

Answer 5

Accounting deals with financial information

Question 6

Accounting is a tool to achieve specific objectives. It Is not the object itself.

Answer 6

Accounting is a means not an end.

Question 7

Accounting is recognized and characterized as a storehouse of information. As a service function, it collects processes and communicates financial information if any entity.

Answer 7

Accounting is an information system

Question 8

Experts consider this stage of record keeping the beginning of the art of writing.

Answer 8

Bulla found in mesopotamia

Question 9

Is acknowledged the father as the father of modern accounting.

Answer 9

Luca Pacioli

Question 10

Functions of accounting in business

Answer 10

•Keeping systematic record of business transactions
•Protecting properties of business
•Communicating results to various parties in or connected with the business
•Meeting legal requirements