Fundamental of Accounting

The father of modern accounting, he publishes detailed material on the double-entry system of accounting.

• Luca Pacioli

  
  

• Luca Pacoili

  
  

•  Luca Pahcioli

• Lucah Pacioli

1. This type of business involves buying and selling products. An entity purchases a variety of raw materials and manufactured goods, consolidating them and making them available for sale either in physical locations near their customers or online for delivery.

• Service

• Trader

• Manufacture

  
  

•  Financial

  
  

1. This type of business encompasses receiving deposits, lending, and investing money. Financial businesses accept cash from depositors, paying them interest.

• Service

• Trader

• Manufacture

• Financial

Who is considered the father of modern accounting and published detailed material on the double-entry system of accounting?

• Luca Pacioli

• Leonardo da Vinci

• Galileo Galilei

• Michelangelo

Who is known for developing the concept of the trial balance in accounting?

• Thomas Edison

• Benjamin Franklin

• John Dalton

• Luca Pacioli

Activities in business organizations in which managers use capital from financing activities to acquire other resources used in the transformation process - that is, to transform resources from one form to a different form, which is more valuable, to meet the needs of the people.

•  financing

• investing

• operating

•  catering

Activities in business organization in which organization requires financial resources to obtain other resources used to produce goods and services. They compete for these resources in financial markets.

• financing

• investing

• operating

• catering

Formed by contractual agreement. Registered with the Securities and Exchange Commission (SEC).

• 1. Sole Proprietor

• Partnership

• Corporation

• 1. Cooperative

 _____are events which involve an entity and another external party. It includes (a) exchanges, (b) non-reciprocal transfers, and (c) external events other than transfers.

• 1. External events

• Internal events

• irrelevant events

• None of the choices given

 ______ are events which do not involve an external party. It includes (a) production and (b)casualties.

•  External events

• Internal events

• relevant events

• 1. None of the choices given