Multiple choice

1. Accountants refer to an economic event as a 

a. purchase. 

b. sale. 

c. transaction.

d. change in ownership. 

2. The use of computers in recording business events 

a. has made the recording process more efficient. 

b. does not use the same principles as manual accounting systems. 

c. has greatly impacted the identification stage of the accounting process. 

d. is economical only for large businesses. 

3. Which of the following is an external user of accounting information? 

a. Labor unions 

b. Finance directors 

c. Company officers 

d. Managers 

4. The origins of accounting are generally attributed to the work of 

a. Christopher Columbus. 

b. Abner Doubleday. 

c. Luca Pacioli. 

d. Leonardo da Vinci.