FABM 1 QUIZ 1

Accounting is ​ a service acitivty . Its function is to provide ​ (a)   , primarily financial in nature, about economic entities that is intended to be useful in making economic decisions

• quantitative information
• qualitative information
• non-financial information
• financial information

Accounting is ​ (a)   of identifying, measuring and communicating economic information to permit informed judgments and decisions by users of the information

• the process
• an information system
• the art
• a service activity

Accounting is an information system that measures, processes and communicates financial information about ​ ​ (a)  

• an economic entity
• individual
• a business
• a company

Accounting is ​ ___________ that measures, processes and communicates financial information about an economic entity

• an information system

• a service activity

• a process

• the art

The first bills of lading is known as

• Clay Balls

• Clay Tokens

• Bullae

• Mound of Clay

Choose which principle/concept is violated. The owner-manager bought a computer for personal use. The invoice was given to the accountant who recorded it as an asset of the business.

• Objectivity

• Conservatism

• Entity

• Expense Recognition

Choose which principle/concept is violated. The owner-manager bought a computer for personal use. The invoice was given to the accountant who recorded it as an asset of the business.

• Objectivity

• Conservatism

• Entity

• Expense Recognition

Choose which principle/concept is violated. The statement of financial position of a company included an equipment purchased from Japan for 350,000 yen. It was reported at that amount in the statement of financial position while all the other assets were reported in Philippine pesos.

• Gong-concern

• Consistency

• Matching

• Monetary Unit

Choose which principle/concept is violated. The statement of financial position of a company included an equipment purchased from Japan for 350,000 yen. It was reported at that amount in the statement of financial position while all the other assets were reported in Philippine pesos.

• Gong-concern

• Consistency

• Matching

• Monetary Unit

Choose which principle/concept is violated. Aside from owning a shoe store, Albert operates a canteen. The assets of the canteen are reported in the statement of financial position of the shoe store.

• Objectivity

• Conservatism

• Entity

• Expense Recognition