ABM1 - Prelim Accounting Review
Quiz by Michelle
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- Q1
_________________ is focused on the recording of business transactions, and the periodic preparation of financial position and results of operations
Management Accounting
Cost Accounting
Financial Accounting
Tax Accounting
15s - Q2
It is concerned with the identification of the sources and uses of resources consistent with the provisions of city, municipality, provincial, or national laws
Financial Accounting
Tax Accounting
Government Accountng
Cost Accounting
15s - Q3
It includes the preparation of tax returns and the consideration of the tax consequences of proposed business transactions or alternative courses of action
Cost Accounting
Tax Accounting
Government Accounting
Financial Accounting
15s - Q4
Accounting provides which of the following information?
Quantitative information
Qualities of an owner
Staff Turnover
Qualitative information
15s - Q5
They are interested in a company's ability to continue its existence, especially if they are heavily dependent on the company's operations.
Supplier
Lender
Customer
Government
15s - Q6
The basic purpose of accounting is to
Comply with state requirements
Compute the applicable income tax
Provide information for decision-making
Determine the net income of a company
15s - Q7
This branch of accounting aims to educate students in the field of accountancy.
Financial Accounting
Management Accounting
Accounting Research
Accounting Education
15s - Q8
Which of the following is not a correct variation of the basic accounting equation?
Assets - Capital = Liability
Assets = Liability + Capital
Assets - Liability = Capital
Assets = Liability - Capital
20s - Q9
Which of the following is not an essential element of an asset
Owned by the business
Resources of the business
Expected to provide future benefit
Result of past event
15s - Q10
Which of the following statements is correct
Income and Expense dont affect the capital
Expenses increases capital
Income decreases capital
Income increases capital
15s - Q11
The start-up capital of a business consisted of ₱1,000,000 cash provided by the business ownerand an additional ₱250,000 from a bank loan. The total start-up assets of the business therefore is
1,250,000
750,000
500,000
1,000,000
20s - Q12
A business has total liabilities of ₱100,000 and total equity of ₱80,000. How much is the total assets
20,000
100,000
80,000
180,000
20s - Q13
The personal assets of the owner of a company will not appear on the company's balance sheet because of which principle/guideline?
Faithful Representation
Neutrality
Accounting/Business Entity
Going concern
15s - Q14
Which principle/guideline is associated with the assumption that the company will continue on long enough to carry out its objectives and commitments?
Accounting/Business Entity
Going concern
Accrual
Periodicity
15s - Q15
Accountants might recognize losses but not gains in certain situations. For example, the company might write-down the cost of inventory, but will not write-up the cost of inventory. Which principle/guideline is associated with this action?
Neutrality
Relevance
Conservatism
Faithful Representation
15s