Page 9 Chapter 1
P. 9
CHAPTER 1
Accounting Roles and Transactions
Practice Questions
Chapter 1
1.1
a) What type of business is run and owned by an individual?
b) What type of business is owned by its shareholders?
c) What type of business is run and owned by a group of associated people?
d) If you bought shares from a stockbroker who traded in shares on the stock market,
what kind of business would you be investing in?
1.2
a) Traditionally, who records day to day transactions in books of prime entry?
a) Bookkeeper
b) Accountant
c) Accounting Technician
b) Traditionally, who prepares a Profit & Loss account and a Balance Sheet?
a) Bookkeeper
b) Accountant
c) Accounting Technician
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