Accounting Overview

Please help this is a review during quarantine for battery exam:

1. To post in accounting means to copy the information about accounting changes from the ledger, and place it into the journal. journal, and place it into the ledger. source, documents and record it in the ledger. D. Journal, place it into the ledger, and then delete it from the journal B. 2. These are the principal means through which an entity communicates its financial information to those outside it. A. managerial reports B. segment reports C. financial statements D. directors' statements 3. Which of the following is not a characteristic of management accounting? The level of detail is greater than financial accounting. It deals primarily with segments of an organization. It must be in compliance with the IFRSs. There is one primary user group. 4. Which of the following statements is correct? A. Accounting and bookkeeping are synonyms. B. The process of providing financial information to external decision makers is referred to as managerial accounting. Financial statements generally include all the balance sheet, statement of profit or loss and other comprehensive income, statement of changes in equity, statement of cash flows, notes, and the corporate income tax return. D. Financial accounting applies to both business and non-business organizations. 5. What does the full disclosure principle require? A. All relevant information to be disclosed in the financial statements B. All relevant information to be disclosed in the financial statements and the notes accompanying the financial statements C. Sufficient information to be disclosed so that the financial statements are not misleading D. Sufficient information to be disclosed so that the financial statements may be used for investment and credit granting decisions