QUIZZIZ BHIE (First Year)

The Philippine accountant considers peso as the common unit of measure for all business transaction.

• True

• Partly True

• False

• Partly false

Summarization reduces the effects of numerous transactions into useful groups or categories.

• True

• Partly False

• False

• Partly True

The term bookkeeping and accounting are synonymous.

• Partly True

• False

• True

• Partly False

Assets are things of value owned by a business entity.

• False

• True

• Partly True

• Partly False

When a business receives cash, it is always recorded as an increase to cash and a decrease to an expense.

• True

• Partly False

• Partly True

• False

Every transaction is recorded in terms of increases and/ or decreases in two or more accounts.

• False

• Partly False

• True

• Partly True

A trial balance may balance but not be correct.

• True

• False

• Partly True

• Partly False

Income statements accounts are also known as temporary accounts.

• Partly True

• False

• True

• Partly False

The double-entry system means that the transactions are recorded both in the journal and in the ledger.

• True

• Partly True

• False

• Partly False

A credit signifies increases in liabilities, capital, and revenue, and decreases in assets, withdrawals, and expense.

• Partly True

• True

• Partly False

• False