Question

1. Greg is an employee who records and organizes a company’s transactions.

What is his role?

• Auditor

• Bookkeeper

• Controller

• Accountant

2. Accounting has its roots in the 15th century, when which of the following groups of people used the double entry accounting system?

• Greek fishermen

• Italian merchants

• Chinese traders

• Turkish craftsmen

3. In which phase of the accounting cycle are expenses matched with the correct period of revenue?

• Post

• Analyze

• Adjust

• Report

4. A Program Manager and a Vice President discussing the costs associated with the completion of a recent project, so that future cost estimates can be made, is an example of which of the following?

• Financial accounting

• Production accounting

• Managerial accounting

• Departmental accounting

Answer 1

Sol.1 (b) Bookkeeper - A bookkeeper's first task is to record transactions and keep things financially organized.

Sol.2 (b) Italian merchants

Sol.3 (c) Adjust - Through adjusting entries the expenses are matched with correct period of revenue

Sol.4 (d) Departmental accounting - As it's related to a specific project of the dept.