FABM1 - Introduction to Accounting

Who is considered as the father of modern accounting?

• Augustus

• Luca Pacioli

• Queen Victoria

• Suetonius

Which of the following sequences of steps is correct?

• recording, summarizing, classifying

• summarizing, identifying, communicating

• identifying, recording, classifying

• communicating, summarizing, identifying

What is the starting point of the accounting process?

• Classifying

• Identifying

• Recording

• Summarizing

What is the accounting system as used today?

• collated entry

• double entry

• retained entry

• single entry

Pokwang, the chief accountant of ABS-CBN Company, is preparing for a meeting with the top management. This meeting is done monthly to evaluate the performance of the company. Which step of the accounting process is most likely being done?

• classifying

• communicating

• identifying

• recording

Which of the following is NOT a relevant economic event?

• An agent who attended to the concern of a complaining customer.

• Vice Ganda, manager of Gandang-ganda sa Sarili Company, who sold an abandoned building of his company.

• ABS-CBN Company which borrowed P5M from a bank due to tight financial conditions.

• GMA Company which paid its employees their salaries for the month of August.

What is the accounting standards used in the Philippines?

• AFRS

• IFRS

• PFRS

• PHRS

The definition "Accounting is the art of recording, classifying, summarizing, in a significant manner and in terms of money, transactions and events, which are, in part, at least, of financial character, and interpreting the results thereof." came from which organization?

• AAA

• AICPA

• ACPA

• APCA

The definition "Accounting is the process of identifying, measuring, and communicating economic information." came from which organization?

• AAA

• AICPA

• ACPA

• PICPA

Which is NOT a function of accounting?

• Communicating results to end-users.

• Keeping systematic records.

• Meeting legal requirements.

• Selling the properties of a business.