1. Accounting is:ABCDсD2. The statement about the importance of accounting is incorrect:ABUAсDAAB3. Responsible for accounting in the company isсDABCDсperiodic coverage of economic, social and natural phenomenacollection of compilation and processing of economic informationmeans and system for storing economic informationquantitative reflection and qualitative description of economic processes and natural phenomena4. The accounting double entry is usedABCAAccounting is a sub-branch of economic scienceAccounting is a form of economic accountingAccounting is a branch of human professional activityAccounting is a form of economic and social workсDCompany owner or company managerChief AccountantCompany manager and chief accountantThe board of the company5. The accounting business secret isProfitTotal cost of productionCosts of certain types of productionNumber of employees in the companyincreased security for keeping information in accounting registersensure the interconnection of systematic and analytical accounting data and the possibilities of mutual comparisonensure the identity of financial and accounting data and management accounting dataensure the timely posting of economic transactions to the debit of one account and the credit of other accounts 1. The accounting law and regulations changed in Latvia, please explain which law and regulation was changed, who was affected by these changes? Does it significantly affect the company? Justify your opinion.

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1. Accounting is: ABCD periodic coverage of economic, social and natural phenomena collection of compilation and processing of economic information means and system for storing economic information quantitative reflection and qualitative description of economic processes and natural phenomena

1. Accounting is: ABCD periodic coverage of economic, social and natural phenomena collection of compilation and processing of economic information means and system for storing economic information quantitative reflection and qualitative description of economic processes and natural phenomena

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

1. Accounting is:
ABCD
с
D
2. The statement about the importance of accounting is incorrect:
ABUA
с
D
A
AB
3. Responsible for accounting in the company is
с
D
ABCD
с
periodic coverage of economic, social and natural phenomena
collection of compilation and processing of economic information
means and system for storing economic information
quantitative reflection and qualitative description of economic processes and natural phenomena
4. The accounting double entry is used
ABCA
Accounting is a sub-branch of economic science
Accounting is a form of economic accounting
Accounting is a branch of human professional activity
Accounting is a form of economic and social work
с
D
Company owner or company manager
Chief Accountant
Company manager and chief accountant
The board of the company
5. The accounting business secret is
Profit
Total cost of production
Costs of certain types of production
Number of employees in the company
increased security for keeping information in accounting registers
ensure the interconnection of systematic and analytical accounting data and the possibilities of mutual comparison
ensure the identity of financial and accounting data and management accounting data
ensure the timely posting of economic transactions to the debit of one account and the credit of other accounts

1. The accounting law and regulations changed in Latvia, please explain which law and regulation was changed, who was affected by these changes? Does it significantly affect the company? Justify your opinion.

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