Accounting Self-Assessment Quiz

Name:_________________________ Period:____ Date:_________ Glencoe Accounting (First-Year Course) Chapter 2, Section 2

1.	Accounting is often called the "language of business" because
		it is easy to understand
		it is fundamental to the communication of financial information
		all business owners have a good understanding of accounting principles
		accountants in many companies share financial information

2.	Stevie Ray Vaughn was
		the father of the modern accounting methods
		the inventor of "the language of business"
		the first Certified Public Accountant
		a famous blues guitarist

3.	Financial accounting reports are often used by
		loan officers
		factory workers
		individuals inside a business
		none of the above

4.	When accounting information is processed by hand it is called
		an in-house system
		a manual accounting system
		a financial reporting system
		open accounting

5.	One example of an accounting assumption is
		financial accounting
		management accounting
		business entity
		financial reports

6.	GAAP stands for
		generally accepted accounting principles
		generally allowed accounting principles
		a clothing store
		generally accepted accounting period