FUNDA OF ABM 1 (Module 1)

1.Which of the following is not a step in the accounting process?

• verifying

• identifying

• summarizing

• communicating

2. Which of the following is not a function of accounting in a business?

• protecting properties of the business

• keeping systematic records of the business

• communicating the results to various parties

• complying illicit requirements

3. What nature of accounting that follows a multiple steps?

• Accounting is an art

• Accounting is a process

• Accounting is an information system

• Accounting deals with financial information and transaction

4. What nature of accounting that deals with the skills and creativity in doing financial reports.

• an art

• a process

• a means and not an end

• an information system

5. A nature of accounting that deals only with quantifiable data such as money, account and others.

• art

• process

• financial information and transaction

• an information system

6. Functions of accounting that the government requires companies to provide financial reports quarterly, semi-annually or annually

• keeping systematic record

• protecting properties

• meeting legal requirements

• communicating results to various parties

7. What is the meaning of AAA?

• Association of American Accountants

• American Accounting Association

• Association of American Accounting

• American Association of Accounting

8. Which is the most important step in the accounting process?

• identifying

• recording

• interpreting

• all of the above

9. Who is the person responsible for the process of identifying, recording, analyzing, summarizing and interpreting economic events of a business?

• manager

• bookkeeper

• accountants

• treasurer

10. What is PICPA

• Philippine Investigation Center of Public Accountants

• Philippine Information Center of Private Accountants

• Philippine Institute of Certified Public Accountants

• Philippine Industry Commission of Public Accountants