FABM 1 Quiz 1
Authored by Jeffrey Cabral
Education
11th Grade
Used 44+ times
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8 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
It refers to the process of grouping similar transactions and events together.
Analyzing
Recording
Classifying
Summarizing
Reporting
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The process of identifying the relationships of various items in the financial statements and pointing out their effects and importance to decisions to be made by their users.
Analyzing
Recording
Classifying
Summarizing
Interpreting
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The process of determining the effects on the different accounts of the documented transactions and economic events
Analyzing
Recording
Classifying
Summarizing
Reporting
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The process of writing in the journal the effects, whether increases or decreases, of the analyzed transactions and events
Recording
Classifying
Summarizing
Reporting
Interpreting
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The process of preparing statements of financial position, statements of comprehensive income, statements of owner's equity and statements of cash flows
Recording
Classifying
Summarizing
Reporting
Interpreting
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The process of grouping accounts into five major account categories
Recording
Classifying
Summarizing
Reporting
Interpreting
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
They are interested in the financial statements to determine the employer's stability, profitability and ability to pay their benefits
employees
lenders
customers
public
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