Practice Introduction To Accounting (1) - Introduction to Accounting

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9 questions

Flashcard drill
5 cards from this section. Quick, good the night before a test.
Exercise
6 questions · about 4 min · pass mark 70%. Hints available.
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Quiz
3 questions · about 2 min · pass mark 70%. Hints available.
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6 sample questions

Question 1.
What is the primary objective of accounting?
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Think about the main reason why we keep financial records.
Question 2.
Name one branch of accounting.
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It's focused on external users.
3Question 3.
What does accounting focus on?
- Recording only
- Tax laws
- Recording, classifying, summarizing
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Think about the full process from start to finish.
4Question 4.
The accounting equation states that assets equal what?
- Liabilities + Owner's Equity
- Revenue + Expenses
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This is fundamental to understanding how businesses are funded.
Question 5.
A company has $50,000 in assets and $20,000 in liabilities. Calculate the owner's equity.
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Think about how to rearrange the basic accounting equation.
Question 6.
Describe how cost accounting can influence the pricing strategy of a product.
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What factors do you think influence how much a product sells for?

5 more questions in this section. Enroll free to practise them all.