Multiple Choice
Which type of accounting focuses on activities related to sourcing income and raising funds for a business?
56
views
1. Introduction to Accounting
Types of Accounting
Struggling with Financial Accounting?
Join thousands of students who trust us to help them ace their exams!Watch the first videoMultiple Choice
Which of the following terms refers to a benchmark used in measuring performance in accounting?
A
Ledger
B
Standard
C
Voucher
D
Journal
Verified step by step guidance1
Understand the question: The problem is asking for a term that refers to a benchmark used in measuring performance in accounting.
Review the options provided: Ledger, Standard, Voucher, and Journal. Each term has a specific meaning in accounting.
Define each term: A 'Ledger' is a book or collection of accounts where transactions are recorded. A 'Voucher' is a document that serves as evidence for a transaction. A 'Journal' is a record of transactions in chronological order. A 'Standard' refers to a benchmark or guideline used to measure performance or ensure consistency in accounting practices.
Identify the correct term: Based on the definitions, the term 'Standard' aligns with the concept of a benchmark used in measuring performance.
Conclude the reasoning: The correct answer is 'Standard' because it represents a benchmark or guideline in accounting, which is used to measure and compare performance.
4:10mWatch next
Master Types of Accounting: Financial and Managerial with a bite sized video explanation from Brian
Start learningRelated Videos
Related Practice
Types of Accounting practice set
Problem sets built by lead tutorsExpert video explanations