Introduction to accounting Quiz-3
Introduction to accounting Quiz-3 Index => Introduction to accounting Quiz-3 Quiz Show all questions <= => Which system of accounting records all financial transactions in the books of accounts? ? Single entry system ? Double entry system ? Cash basis accounting ? Accrual basis accounting Employees are considered external users of accounting because: ? They do not have a direct financial interest in the company. ? They do not work for the company. ? They do not have access to accounting information. ? All of the above. The opposing party can challenge the admissibility of accounting records in court by arguing that: ? They are not relevant to the case. ? They are not reliable. ? They are not original. ? All of the above. Reliability means that accounting information: ? Is useful for decision-making. ? Is free from material error and bias. ? Is based