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16 questions
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- Q1Accounting is defined as an art of 1_______, classifying, 2.____ in a significant manner and in terms of 3. ________, transactions, and events which are in part at least of a 4. ______ character and 5. _______ the results thereof.1. recording 2. and summarizing, 3. money 4. financial 5. interpreting1. recording 2. and interpreting, 3. money 4. financial 5. summarizing1. summarizing 2. and recording, 3. financial 4. money 5. interpreting1. interpreting 2. and summarizing, 3. financial 4. money 5. recording45sABM_FABM11-IIIa-1
- Q2He is known as the Father of Accounting and bookkeeping.Albert EinsteinBenedetto CotrugliLuca PacioliGiovanno Farolfi10sABM_FABM11-IIIa-4
- Q3It is said that accounting is composed of multiple steps that lead to a common end goal. It also performs the functions of identifying, recording, and communicating economic events with the end goal of providing information to internal and external parties. What nature of accounting is being described on this statement?Accounting is an information systemAccounting is a processAccounting is an artAccounting is a means and not an end10sABM_FABM11-IIIa-2
- Q4The most important event in accounting history that is generally considered to be the dissemination of double entry bookkeeping was recorded during ________________.3600 B.C.The Industrial Revolution (1760-1830)Medieval and renaissance period - 14th CenturyFrench Revolution (1700s)15sABM_FABM11-IIIa-4
- Q5Which of the following is NOT PART of internal users of accounting?The potential and existing investorsThe managers or managementOwnersEmployees/labor unions10sABM_FABM11-IIIa-8
- Q6Are those users of financial reports who make their decisions based on the company’s financial information.InternalCommonExternalPreferred10sABM_FABM11-IIIa-7
- Q7This organization define accounting as the process of identifying, measuring, and communicating economic information to permit informant judgments and decisions by users of information.Philippine Association of Certified Public AccountantsFinancial Reporting Standards CouncilAmerican Accounting AssociationAmerican Institute of Certified Public Accountants10s
- Q8It refers to a common set of accounting principles, standards, and procedures issued by the Financial Accounting Standards Board (FASB).Philippine Financial Reporting Standards (PFRSs)International Financial Reporting Standards (IFRSs)Generally Accepted Accounting Principles (GAAP)American Accounting Association15sABM_FABM11-IIIa-2
- Q9This organization define accounting as the process of identifying, measuring, and communicating economic information to permit informant judgments and decisions by users of information.American Accounting AssociationAmerican Institute of Certified Public AccountantsPhilippine Association of Certified Public AccountantsFinancial Reporting Standards Council10sABM_FABM11-IIIa-1
- Q10Why is accounting called the language of business?It can be used to record different transactions of the business.It can be used as verification of resources.It serves as a tool for communication in making decisions for the business.It generates profits for the business.10sABM_FABM11-IIIa-2
- Q11They are very much interested in accounting information for they directly invest and started the business.ownersmanagersinvestorsemployees10sABM_FABM11-IIIa-8
- Q12The oldest evidence of record keeping was the “clay tablet” of Mesopotamia which dealt with commercial transactions at the time such as listing of accounts receivable and accounts payable was recorded around?3600 B.C.The Industrial Revolution (1760-1830)Medieval and renaissance period - 14th CenturyFrench Revolution (1700s)10sABM_FABM11-IIIa-4
- Q13Is a system in bookkeeping that states that every entry to an account requires a corresponding and opposite entry to a different account. It has two equal and corresponding sides known as debit and credit.Compound entryDouble-entry bookkeepingJournal entriesAdjusting entries10sABM_FABM11-IIIa-1
- Q14Accounting is recognized and characterized as a storehouse of information. As a service function, it collects processes and communicates financial information of any entity. Therefore accounting _____________________.is an artis an information systemdeals with financial information and transactionsis a process10sABM_FABM11-IIIa-4
- Q15It is the process of recording all financial transactions made by a business.JournalizingAccountingPostingBookkeeping10sABM_FABM11-IIIa-1