Fundamental Of Accountancy and Business Management

Which of the following is NOT a step in accounting process?

• Identification

• Communication

• Recording

• Verification

What are the roles of a manager?

Please select ALL that applies

(you may select more than one)

• INTERPERSONAL ROLE

• INFORMATIONAL ROLE

• DECISIONAL ROLE

• INTRAPERSONAL ROLE

Verification is NOT a step in the accounting process.

• TRUE

• FALSE

Which of the following is not part of the main functions of accounting?

• Fred prepared a company report to be submitted to tax authorities.

• John recorded the purchase of equipment in the accounting books immediately after the purchase.

• Jason prepares financial reports monthly for the stakeholders.

• Allen canvassed the price of the sewing machine that will be used by the Operations Department.

The most important event in accounting history is generally considered to be the dissemination of double entry bookkeeping by Luca Pacioli happened during _________.

• The Cradle of Civilization

• French Revolution (1700's)

• The Industrial Revolution (1760-1830)

• 14th Century Double-Entry Bookkeeping

Collects processes and communicates financial information of any entity is _______.

• A process

• A service activity

• An information system

• An art and a discipline

is the process of systematically maintaining a record of all economic business transactions after they have been identified and measured.

It shows the results of company’s performance as a result of operations at a particular period of time.

• Income Statement

• Balance Sheet

• Statement of Account

• Statement of Cash Flow

Tell whether the economic event below is RELEVANT or NOT RELEVANT in the accounting process.

A meeting of the top management was held in the discussion room last month.

• Relevant

• Not Relevant

Contemporary accounting provides which of the following types of accounting information?

• quantitative information

• qualitative information

• financial information

• all of the above