Fundamentals of ABM 1 Quiz 1 (Sir Kevin)

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This involves keeping a chronological diary of events that are measured in pesos. The diary referred to in the definition are the journals and ledgers which will be discussed in future chapters.

• Recording

• Accounting

• Classifying

• Identifying

This involves selecting economic events that are relevant to a particular business transaction. The economic events of an organization are referred to as transactions.

• Identifying

• Recording

• Communicating

• Classifying

All are nature of accounting except for one

• Accounting is a service activity

• Accounting is a process

• Accounting deals with research data and business transactions

• Accounting is both an art and a discipline

Identify what branch of accounting renders this service.

Preparation of general-purpose financial statements

• Cost Accounting

• Financial Accounting

• Accounting Education

• Tax Accounting

Identify what branch of accounting renders this service.

Report on the total cost of materials and labor used in the production

• Cost Accounting

• Financial Accounting

• Accounting Education

• Tax Accounting

Identify what branch of accounting renders this service.

Conducting lectures on accounting topics.

• Cost Accounting

• Financial Accounting

• Accounting Education

• Tax Accounting

Identify the internal users of accounting information using the given decisions supported statement below

analyze the organization's performance and position and take appropriate measures to improve the company results. sufficiency of cash to pay dividends to stockholders; pricing decisions.

• Employees

• Management

• Owners

Identify the internal users of accounting information using the given decisions supported statement below

considerations regarding additional investment, expanding the business, borrowing funds to support any expansion plans.

• Employees

• Management

• Owners

Identify the external users of accounting information using the given decisions supported statement below

for determining the credit worthiness of an organization.

• Suppliers

• Creditors

• BIR

• DOLE