1st Weekly Assessment in FAMB 1
Quiz by SNDS Rudy Aquino
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- Q1
It is a service activity. Its function is to provide quantitative information, primarily financial in nature, about economic entities, that is intended to be useful in making economic decision.
accounting
balancing
financing
auditing
30s - Q2
They are “artificial persons” responsible for economic resources (scarce goods, limited supply, can command a price); includes both profit-oriented as well as not-for profit entities.
economic entities
business entities
crediting entities
financial entities
30s - Q3
An external user of accounting whose primary role is to regulate business. They are studying the financial statements to determine the amount of taxes payable.
creditor
customer
investor
government
30s - Q4
It is the process of systematically maintaining a record of all economic business transactions after they have been identified and measured.
summarizing
classifying
journalizing
interpreting
30s - Q5
It is the examination of financial statements by independent certified public accountant for the purpose of expressing opinion as to the fairness with which the financial statements are prepared.
accounting
auditing
financing
30s - Q6
It is the examination of financial statements by independent certified public accountant for the purpose of expressing opinion as to the fairness with which the financial statements are prepared.
accounting
auditing
balancing
financing
30s - Q7
“It is an entity organized by people with similar needs to provide themselves with goods or services or to jointly use available resources to improve their income.
sole proprietorship
corporation
cooperative
partnership
30s - Q8
It is owned by a single individual who is singly responsible for running the business and is accountable for all debts and obligations of the business.
sole proprietorship
cooperative
corporation
partnership
30s - Q9
It is an agreement between two or more persons to contribute money, property or industry to a common fund with the intention of dividing the profit among themselves.
sole proprietorship
corporation
partnership
cooperative
30s - Q10
It is an artificial being created by operation of law, having the right of succession and the powers and attributes and properties expressly authorized bylaw or incident to its existence.
partnership
single proprietorship
cooperative
corporation
30s - Q11
The business is viewed as a separate person, distinct from its owner(s)
historical cost concept
going concern assumption
matching principle
accounting entity concept
30s - Q12
Under this concept, the cost of processing and communicating information should not exceed the benefits to be derived from it.
full disclosure principle
materiality concept
consistency concept
cost benefit
30s - Q13
This is the analytical function of accounting. Communicating the results to potential users.
interpreting
summarizing
journalizing
sorting
30s - Q14
It is a branch of accounting primarily handling the recording of financial transactions of a business and the preparation of financial statements.
cost accounting
management accounting
tax accounting
financial accounting
30s - Q15
It is the body authorized by law to promulgate rules and regulations affecting the practice of accountancy profession in the Philippines.
Bureau of Internal Revenue
Professional Regulation Commission
Board of Accountancy (BOA)
Department of Finance
30s