QUARTER 1: LONG QUIZ # 1 - ABM 12

In this phase, business transactions are recorded systematically and chronologically in the proper accounting books.

• Recording

• Classifying

• Summarizing

• Interpreting

Accounting is identified as a/an _________ as it performs the specific task of collecting, processing, and communicating financial information. In doing so, it follows some definite steps like the collection, recording, classification, summarization, finalization, and reporting of financial data.

• service activity

• art

• discipline

• process

In this phase, items are sorted and grouped. Similar items are classified under the same name.

• Recording

• Classifying

• Summarizing

• Interpreting

Accounting is a systematic method consisting of definite techniques and its proper application requires skill and expertise. So by nature, accounting is a/an _________.

• service activity

• art

• discipline

• process

The thorough study of accounting and the development of accounting theory began during this period. Social upheavals affecting government, finances, laws, customs, and business greatly influenced the development of accounting.

• Industrial Revolution

• French Revolution

• 19th Century

• Medieval Period

This user of accounting information is interested in whether the business should be maintained, increased, decreased, or disposed of completely. Further, he is interested to know whether he is getting a fair return on his investment.

• Management

• Prospective Investor

• Owner

• Employees

Mass production and the great importance of fixed assets were given attention during this period.

• Industrial Revolution

• 19th Century

• French Revolution

• Middle Ages

It is the process of recording, classifying, and summarizing, in a significant manner and in terms of money, transactions, and events, which are in part, at least a financial in character and interpreting the results thereof.

• Bookkeeping

• Marketing

• Accounting

• Entrepreneurship

__________ focuses on the search for new knowledge on the effects of economic events on the process of summarizing, analyzing, verifying, and reporting standardized financial information, and on the effects of reported information on economic events.

• Accounting Education

• Accounting Research

• Financial Accounting

• Forensic Accounting

__________ are interested in information to enable them to assess the ability of the firm to provide remuneration and other benefits.

• Management

• Prospective Investor

• Owner

• Employees