Question 1
Why are transactions recorded in monetary terms in accounting?
Question 2
Which of the following statements is true about a business entity?
Question 3
What does the term 'separate entity concept' imply in accounting?
Question 4
Which characteristic classifies accounting as both an art and a science?
Question 5
Which key concept does NOT describe accounting?
Question 6
What is the primary objective of accounting?
Question 7
Which of the following steps in the accounting cycle is aimed at ensuring all entries are accurately captured and balanced?
Question 8
Which of the following is NOT recorded in accounting?
Question 9
In which part of the accounting cycle are Profit and Loss accounts prepared?
Question 10
Why might non-financial events like customer conflicts be excluded from financial transactions in accounting?
Question 11
What does the acronym CSAR stand for in accounting?
Question 12
What is the final step in the accounting cycle?
Question 13
In the accounting cycle, where are transactions first recorded?
Question 14
What is the term for organized entries into a ledger in the accounting cycle?
Question 15
Which of the following steps comes directly after classifying transactions in the accounting cycle?