Lesson 1
Introduction to Accounting
Self-Test
True and False Questions:
Economic interest maximization and risk aversion are two characteristics of an economic man.
Maslow’s theory of the hierarchy of needs believes that man are resourceful evaluator and maximizer.
Firm is a coalition of economic men.
The economic nature of man gives rise to the emerge of accounting.
In the early history of human being,accounting emerged for the needs of count.
Financial accounting is also called internal accounting.
Industrial revolution and modern mass manufacturing give birth to cost accounting.
Corporate finance and auditing emerged along with the development of the capital markets.
Accounting evolves with the development of economy and the evolution stops today since we have such an advanced economy now.
Financial accounting needs not follow the generally accepted principles while cost accounting does.
Introduction to Accounting
Self-Test
True and False Questions:
Economic interest maximization and risk aversion are two characteristics of an economic man.
Maslow’s theory of the hierarchy of needs believes that man are resourceful evaluator and maximizer.
Firm is a coalition of economic men.
The economic nature of man gives rise to the emerge of accounting.
In the early history of human being,accounting emerged for the needs of count.
Financial accounting is also called internal accounting.
Industrial revolution and modern mass manufacturing give birth to cost accounting.
Corporate finance and auditing emerged along with the development of the capital markets.
Accounting evolves with the development of economy and the evolution stops today since we have such an advanced economy now.
Financial accounting needs not follow the generally accepted principles while cost accounting does.
