FABM 1 Summative Test
Quiz by Daisy Beltran
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- Q1
1. Which of the following is the language of business?
Accounting
Customers
Handshake
30s - Q2
What prefers to the interactions of a business with other businesses and stakeholders?
Business Investments
Business Transactions
Business Obligations
30s - Q3
Who is considered the father of modern accounting?
Luca Pacioli
Augustus
QueenVictoria
30s - Q4
What branch of accounting targets to educate students in the accounting field?
Financial Accounting
Accounting Education
Accounting Research
30s - Q5
What government agency manages tax return filling and tax collection?
Bureau of Treasury
Department of Education
Bureau of Internal Revenue
30s - Q6
The following are steps in accounting except__________________.
Identifying
Recording
Segregating
30s - Q7
What does GAAP stand for?
Government Accepted Accounting Principle
Generally Accepted Accounting Proposals
Generally Accepted Accounting Principles
30s - Q8
Which of the following statements about accounting is correct?
Accounting is a one-step process.
There is one only acceptable definition of accounting.
The history of accounting can be tracked backed to ancient Mesopotamia.
30s - Q9
Accounting serves as a channel of success for business. What nature of accounting is meant by this?
Accounting is an information system.
Accounting is a process.
Accounting is an art.
Accounting is a means and not an end.
30s - Q10
Which among the steps in accounting is most important?
All are equally important.
Identifying
Recording
Communicating
30s - Q11
Which of the following business transactions is not financial in nature?
Company D paid its hired employees for the month of November.
Company C sold P10,000 worth of inventories.
Company B hired employees.
Company A borrowed money from bank to but additional equipment.
30s - Q12
Accounting being a service activity is applicable only to business rendering services.
The statement is false.
The statement is true.
30s - Q13
Accountants communicate the summarized results of all company financial events to interested parties to help them in __________________.
selling products
choosing job applicants
making relevant decisions
extending the life of the business
30s - Q14
Accounting keeps a record of all financial transactions done by the company period after period. What nature of accounting is shown in this?
Accounting is an art.
Accounting is a process.
Accounting is a means rather than an end.
Accounting is an information system.
30s - Q15
The PAS, GAAP and IFRS are accounting _________________.
features
standards
steps
events
30s