
FABM 1 EXAM
Authored by Frances Anne Beraquit
Business
12th Grade
Used 462+ times

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20 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Who is the father of modern accounting?
Andrea Barbarigo
Luca Pacioli
Amatino Manucci
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
This refers to the lifeblood of the government.
Contract
Tax
Expense
Businesses
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What do you call the business periods within an accounting period?
Accounting period
Business Period
Interim Period
Accounting Cycle
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A worthless receivable is called _______________.
Doubtful account
Writen-off account
Expired accounts receivable
None
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
It is called the book of final entry.
Journals
Memorandum book
Financial Statements
Ledgers
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the accounting equation?
Assets = Liabilities + Equity
Assets = Equity
Assets - Equity = Revenue
Revenue + Expense = Net Income
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT a quality of an accounting information?
Timely
Understandable
Relevant
Biased
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