FUNDAMENTALS OF ABM I - FIRST SUMMATIVE QUIZ

What do you call the economic events of an organization?

• Business

• Transactions

• Records

• Journals

It is when a certain process follows certain standards and professional ethics.

• Art

• Nature

• Philosophy

• Discipline

Which of the following nature of accounting tells us that accounting is considered as a storehouse of information.

• Accounting as an art and discipline.

• Accounting as an service activity.

• Accounting as an information system

• Accounting as a process

What civilization used clay tablets to record commercial transactions?

• China

• India

• Mesopotamia

• Phoenician

Who is the father of accounting?

• Luca Pacioli

• Luca Paciolo

• Luca Paciola

• Luca Paciole

What does GAAP mean?

• Generally Accepted Accounting Principles

• Generally Authoritative Accounting Principles

• Generally Administrative Accounting Principles

• Generally Amendable Accounting Principles

If DPWH will liquidate their expenses in the farm road project in a certain barangay in General Santos City, what branch of accounting will process the liquidation?

• Tax Accounting

• Accounting Education

• Financial Accounting

• Government Accounting

What accounting is considered as the subset of management accounting?

• Auditing

• Cost Accounting

• Financial Accounting

• Accounting Research

Which of the following is an internal user?

• BIR

• OWNER

• SEC

• LGU

One example of an external user is SSS. The SSS aims to develop and promote a viable social security institution providing universal and equitable social protection through world-class service. What does SSS mean?

• Social Securities Sales

• Social Securities System

• Social Security System

• Social Stock Sales