Fundamentals of ABM 1 (Summative Test 1)

1E) Who among the following is recognized as the "Father of Modern Accounting"?

• Benedetto

  Cotrugli

• Luca Bartolomes

  Pacioli

• Amatino

  Manucci

• Jacques

  Savary

2A) The acronym "CISA" stands for?

• Certified

  Information

  Security

  Auditor

• Certified

  Inductive

  Systems

  Auditing

• Certified

  Information

  Systems

  Auditor

• Community

  Information

  Sharing

  Architecture

3D) Common quantitative factors include calculating different ratios (debt/equity, current ratio) and considering different ________ (net income. net assets).

4A) It refers to the examination of financial statements by an independent party with the purpose of expressing an opinion as to fairness of presentation and compliance with GAAP.

• Cost

  Accounting

• Auditing

• Internal

  Auditing

• External

  Auditing

5A) According to this institution, accounting is a discipline, well-equipped with techniques and methods through which all types of transactions measurable in terms of money or money’s worth, can be recorded, classified, and summarized in a proper and systematic way.

• International

  Accounting

  Standard

  Committee

• American Institute of Certified Public Accountants

• American

  Accounting

  Association

• Accounting

  Standards

  Council

6E) It is the systematic recording of financial transactions and presentation of the related information of the appropriate persons.

• Auditing

• Bookkeeping

• Accounting

• Business

  Management

7D) Managerial accounting involves financial analysis, budgeting and forecasting, _________, evaluation of business decisions, and similar areas.

8E) They are the persons who need information to help them decide whether they should invest in the business.

• Customers

• Potential

  investors

• Middle-level

  management

• Suppliers

9A) ________ analyze actual and standard costs to help managers determine future courses of action regarding the company's operations.

10D) The objective of __________ is to provide information about the financial position, financial performance, and cash flows of a business that is useful to key personalities who are making economic decisions.