10 AQUINO Quarter 1 Summative Test 1

The art of recording, classifying and summarizing in a significant manner and in terms of money, transaction and events which are in part at least of a financial character, and interpret the results thereof.

• Accounting

• Bookkeeping

• Financing

• Management

The process of recording financial transactions of a business in chronological and systematic manner.

• Accounting

• Bookkeeping

• Financing

• Management

An accounting phase, where grouping and shorting of similar items together.

• Analyzing

• Classifying

• Recording

• Summarizing

The father of Accounting

• Luca Pacioli

• Luca Paciolo

• Luca Picioli

• Lucia Pacioli

He or She must have a higher analytical skills in in managing and analyzing a financial information.

• Accountant

• Banker

• Bookkeeper

• Manager

His/Her function is to keep track of the records.

• Accountant

• Banker

• Bookkeeper

• Librarian

An accounting phase that involves analysis of the accounting data to determine the performance of the business.

• Classifying

• Interpreting

• Recording

• Summarizing

A stakeholder that concerned about the financial condition in assessing company's capability to pay the loan and interest.

• Consumers

• Creditors

• Employees

• Investors

This stakeholder used accounting information of the organization to make sure that they follow the regulation to protect the interest of many.

• Consumers

• Government

• Management

• Owners

A Business Ownership that is owned and operated by only one person who assumes all the risks.

• Cooperative

• Corporation

• Partnership

• Sole Proprietorship