SUMMATIVE TEST ACCOUNTING 1
Quiz by Ruben Leyba
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20 questions
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- Q11. Which order of events correctly portrays the history of accounting?c. Early Development in Mesopotamia- Development in the Roman Empire- Signing of charter by Queen Victoria- Dissemination of double-entry bookkeeping in the fourteenth century Italy- Formation of accounting standards such as PAS and PFRS.b. Early development in Mesopotamia- Development in the Roman Empire- Dissemination of double-entry bookkeeping in the fourteenth century Italy- Signing of charter by Queen Victoria- Formation of accounting standards such as PAS and PFRSd. Development in the Roman Empire- Early Development in Mesopotamia-Dissemination of double-entry bookkeeping in the fourteenth century Italy- Signing of Charter by Queen Victoria- Formation of accounting standards such as PAS and PFRS.a. Early Development in Mesopotamia- Development in the Roman Empire- Dissemination of double-entry bookkeeping in the fourteenth century Italy- Formation of accounting standards such as PAS and PFRS- Signing of charter by Queen Victoria60s
- Q22. All of the following describe accounting, exceptb. A universal language of businessc. An exact science rather than artd. An information systema. A service activity30s
- Q33. This accounting process is the recognition or non recognition of business activities as accountable events.a. Communicatingd. Reportingc. Measuringb. Identifying30s
- Q44. What is the "measuring" component in the definition of accounting?d. The preparation of audit reports by CPAsa. The recognition and non recognition of business activities as accountable events.c. The preparation and distribution of accounting reports to users of accounting information.b. The assigning of peso amounts to the accountable events.30s
- Q55. The "communicating" process of accounting includes all of the following, except.d. Summarizingc. Recordingb. Interpretinga. Classifying30s
- Q66. What is the overall objective of accounting?c. To measure the periodic income of the economic entityd. To provide quantitative financial information about an entity that is useful in making economic decision.a. To provide the information that the managers of an economic entity need to control the operations.b. To provide information that the creditors can use in deciding whether to grant loans to an entity.30s
- Q77. Which of the following is the purpose of public auditing?a. To ensure that the financial statements are free from errorsc. To enhance the credibility of the financial statementsb. To check the presentation of the financial statementsd. To help management in the company's decision making30s
- Q88. Statement 1- In terms of conflict, tax accountants should follow the pronouncement of the PFRS over those NIRC. Statement 2- Tax accounting follows all the guidelines provided in the PFRS and PAS.b. Only Statement 1 is truea. Both statements are trued. Both statements are falsec. Only Statement 2 is true30s
- Q99. Which of the following statements about external users of accounting information is correct?b. External users of accounting information do not have the capability to acquire information directly from the companyd. External users of accounting information are not concerned with the amount of borrowings of a company.a. External users of accounting information include the employees of a company.c. The needs of external users of accounting information are always prioritized over those of internal users30s
- Q1010. Customers look at a company's financial statementsd. To estimate the potential returns if he or she plans to transact with the companyb. To help members of the academe to gather data for educational purposesa. To see if it will be beneficial to build a long-term relationship with the companyc. To decide whether or not they will lend resources to the company30s
- Q1111. Management consists of the followingd. Owners, top management, middle managers, supervisors, laborersc. Top management, supervisors, field workers, board of directors. Board of directors, supervisors, top management, laborersb. Top management, board of directors, middle managers, supervisors30s
- Q1212. Which is the most likely reason why corporations are considered to have unlimited life?a. Corporations are not affected by the death, withdrawal, or admission of stockholdersd. There is no limit to the number of times the life of a corporation can be extended.b. The life of a corporation normally exceeds the life of the founding membersc. Corporations are created by operation of law and only the law can extinguish it.30s
- Q1313. One advantage of a corporation over a partnership is ________.d. A corporation is easier to form than a partnershipa. A corporation has a separate legal existenceb. Partnership net income is taxed only on the company levelc. Stockholders of a corporation have limited liability30s
- Q1414. Income of cooperative (called net surplus) belongs tod. The beneficiary of cooperativesa. The board of directorsc. The membersb. The government30s
- Q1515. Statement 1- An individual can contribute his or her skill and expertise in a partnership. Statement 2- A partnership cannot be formed until the partners agree on a profit-sharing scheme.b. Only Statement 1 is trued. Both statements are falsea. Both statements are falsec. Only Statement 2 is true30s