ACCOUNTS REVISION QUESTIONS

1. Fill in the blank fields below

______________ is the systematic and comprehensive recording of financial transactions
pertaining to a business, it also refers to the process of summarising, analysing and reporting
these transactions.

2. Select external users of accounting information

Government
Managers
Business owners
Partners

3. _____________is an economic entity that engages in activities for financial gain or profit

Match the types of business ownerships

Corporation Non-profit. Sole Trader. Partnership
-supported by shareholders

-formed to operate a charitable service

-one person owns the business

-two to twenty persons owns the business

4. In this type of business, the profits goes to the sole owner

a. Co-Operative
b. Corporations
c. Partnership
d. Sole Trader

5. __________ is an autonomous association of persons united voluntary to meet their

common economic, social, and cultural needs and aspirations through a jointly owned and
democratically controlled business.

6. ___________ is an independent legal entity owned by shareholders.

7. Fill the blanks : Transactions, Recorded , Analyze

When we capture business activities, we also
Identify__________ and the___________ which would be____________ in the correct
journal.

8. Select the DISADVANTAGE of using computers in accounting

a. Staff may need training
b. Easy reporting
c. Faster and efficient
d. Accurate
9. Select ALL EXTERNAL users of accounting information
Business owners
Partners
Managers
Government
10. Select ALL INTERNAL users of accounting information
Competitors
Partners
Managers
Business owners