QUARTER 1: LONG QUIZ # 1 - ABM 12

QUARTER 1: LONG QUIZ # 1 - ABM 12

Professional Development

40 Qs

quiz-placeholder

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QUARTER 1: LONG QUIZ # 1 - ABM 12

QUARTER 1: LONG QUIZ # 1 - ABM 12

Assessment

Quiz

English

Professional Development

Practice Problem

Hard

Created by

Janzhel Limos

Used 2+ times

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40 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

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

Recording

Classifying

Summarizing

Interpreting

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

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

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

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

Recording

Classifying

Summarizing

Interpreting

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

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

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

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

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

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

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

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

Industrial Revolution

19th Century

French Revolution

Middle Ages

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