Quiz # 1

Introduction to Accounting
DIRECTIONS:

Write TRUE if the statement is

correct or FALSE if the statement is
incorrect.
1. Sociological and Psychological matters
are within the scope of accounting.
2. As a practical art, accounting requires
the use of creative skills and
judgement.
3. Bookkeeping refers to taking care of
the books in the library.
4. Bookkeeping and accounting are
synonymous.
5. Management is the process of
establishing common objectives,
coordinating efforts towards those
objectives, and utilizing available
resources so as to achieve certain
goals.
6. Accounting serves as an
information system for business
purposes.
7. Financial Information is a
qualitative information.
8. All types of events are recorded in
the accounting books.
9. Accounting is often referred to as
language of business.
10.Fra Luca Pacioli is considered as
the father of modern accounting.
Answer Key:
1. FALSE 6. TRUE
2. TRUE 7. FALSE
3. FALSE 8. FALSE
4. FALSE 9. TRUE
5. TRUE 10.TRUE