FABM 1 Quiz1

This involves selecting economic events that are relevant to a particular business transaction.

• Accounting

• Identifying

• Recording

• Communicating

This involves keeping a chronological diary of events that are measured in pesos.

• Accounting

• Identifying

• Recording

• Communicating

Occurs through the preparation and distribution of financial and other accounting reports

• Accounting

• Identifying

• Recording

• Communicating

Which of the following is not a nature of accounting?

• Accounting is a service activity.

• Accounting is both an art and a discipline

• Accounting is marketing

• Accounting is an information system

Around 3600 B.C., record-keeping was already common from Mesopotamia, China and India to Central and South America.

• The Cradle of Civilization

• 14th Century - Double-Entry Bookkeeping

• French Revolution (1700s)

• The Industrial Revolution (1760-1830)

The thorough study of accounting and development of accounting theory began during this period.

• The Cradle of Civilization

• 14th Century - Double-Entry Bookkeeping

• French Revolution (1700s)

• The Industrial Revolution (1760-1830)

Mass production and the great importance of fixed assets were given attention during this period.

• The Cradle of Civilization

• 14th Century - Double-Entry Bookkeeping

• French Revolution (1700s)

• The Industrial Revolution (1760-1830)

Which of the following branches is the broadest branch and is focused on the needs of external users

• Financing Accounting

• Management (or Managerial) Accounting

• Government Accounting

• Tax Accounting

Which of the following branches is the process of recording, analyzing, classifying, summarizing, communicating and interpreting financial information?

• Financing Accounting

• Management (or Managerial) Accounting

• Government Accounting

• Tax Accounting

Which of the following branches helps clients follow rules set by tax authorities..

• Financing Accounting

• Management (or Managerial) Accounting

• Government Accounting

• Tax Accounting