1) Principles of accounts is vital because ... a) It is concerned with the recording, classifying and summarizing of data and then communicating what has been learnt from it. b) Is the reporting, analyzing and interpretation of recorded information on any transaction. c) is the buying and selling of goods and services d) it is concerning with the counting of the business properties 2) Which one of the following is crucial about principles of accounts? a) To have shareholders b) To pay company tax c) To make comparing of financial statements easier d) To make accountants misapply business funds 3) It is important that every business organization needs to ....... a) Publish its financial reports every year b) Keep cash records of its receipts and expenses. c) Maintain accurate accounting records to help it manage and control its finances efficiently. d) Maintain accurate credit only to help it manage and control its operations well 4) Which one of the following is not essential about Principles of accounts? a) To provide information for decision making b) Develop skills in preparing and interpreting accounting information c) Develop an understanding of accounting concepts, principles, procedures and technology d) Never to provide checks and balances 5) How is principles of accounts important? a) it Records the status of the business b) it helps Record economic c) It provide information as a basis for action d) Classify and record business 6) What term eminence to provide reasonable and refined accounting statements that accountants can adhere to and readers can quickly understand? a) Investors  b) Tax inspection c) Shareholders d) principles of accounts 7) Which one of the following statements is incorrect about the distinction of principles of accounts?? a) provide information and make comparing financial statements easier b) to provide the foundation for calculations of taxable income c) to improve the quality of financial information that the business report. d) Misinterpret the accounting concepts and conventions 8) The ultimate goal of principles of accounts is ... a) to ensure that a company's financial statements are complete, consistent and comparable. b) to ensure that a company's financial statements are partially comparable. c) to make it easier for investors to analyse and extract useful information to embezzle funds from the firm. d) to make it easier for investors to analyse and extract useful information for the purpose misrepresenting the firms image. 9) ................. is consequential because it establishes a consistency that allows for more accurate and efficient viewing of the company financial statements. a) Counting  b) Book keeping c) Principles of Accounts  d) Financial counting 10) Principles of accounts plays a vital role in running a business because a) it motivates investors to overlook statutory compliance b) it helps find you find various ways of money laundering.  c) it helps you track incomes and expenditures of the business.  d) encourages non-tracking of incomes and expenditures of the business.

PRINCIPLES OF ACCOUNTS: - Explain the Importance of principles of Accounts

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