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Summative Test Part 1

Quiz by Ruben Leyba

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10 questions
Show answers
  • Q1
    1. Which order of events correctly portrays the history of accounting?
    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.
    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 PFRS
    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 Victoria
    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.
    30s
  • Q2
    2. All of the following describe accounting, except
    A universal language of business
    A service activity
    An exact science rather than art
    An information system
    30s
  • Q3
    3. This accounting process is the recognition or non recognition of business activities as accountable events.
    Communicating
    Measuring
    Reporting
    Identifying
    30s
  • Q4
    4. What is the "measuring" component in the definition of accounting?
    The preparation of audit reports by CPAs
    The recognition and non recognition of business activities as accountable events.
    The assigning of peso amounts to the accountable events.
    The preparation and distribution of accounting reports to users of accounting information.
    30s
  • Q5
    5. The "communicating" process of accounting includes all of the following, except.
    Recording
    Summarizing
    Classifying
    Interpreting
    30s
  • Q6
    6. What is the overall objective of accounting?
    To provide information that the creditors can use in deciding whether to grant loans to an entity.
    To provide quantitative financial information about an entity that is useful in making economic decision.
    To measure the periodic income of the economic entity
    To provide the information that the managers of an economic entity need to control the operations.
    30s
  • Q7
    7. Which of the following is the purpose of public auditing?
    c. To enhance the credibility of the financial statements
    To check the presentation of the financial statements
    To ensure that the financial statements are free from errors
    To help management in the company's decision making
    30s
  • Q8
    8. 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.
    Both statements are true
    Both statements are false
    Only Statement 2 is true
    Only Statement 1 is true
    30s
  • Q9
    9. Which of the following statements about external users of accounting information is correct?
    External users of accounting information include the employees of a company.
    The needs of external users of accounting information are always prioritized over those of internal users
    External users of accounting information are not concerned with the amount of borrowings of a company.
    External users of accounting information do not have the capability to acquire information directly from the company
    30s
  • Q10
    10. Customers look at a company's financial statements
    To see if it will be beneficial to build a long-term relationship with the company
    To estimate the potential returns if he or she plans to transact with the company
    To help members of the academe to gather data for educational purposes
    To decide whether or not they will lend resources to the company
    30s

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