Part 1.1: True - False Statements :

1. Management of a business enterprise is the major external user of information. ( )
2. If a revenue account is credited, the revenue account is increased. ( )

Part 1.2: Multiple Choice Questions

1. The starting point of the accounting process is:

a. communicating information to users.

b. identifying economic events.

c. recording economic events.

d. None of these answers are correct

2. The left side of an account is:

1. blank.
2. a description of the account.
3. the debit side.
4. the balance of the account.

3. Which of the following is the correct sequence of steps in the recording process?

1. Posting, journalizing, analyzing
2. Journalizing, analyzing, posting
3. Analyzing, posting, journalizing
4. Analyzing, journalizing, posting