FABM1 Summative Test

FABM1 Summative Test

11th Grade

50 Qs

quiz-placeholder

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FABM1 Summative Test

FABM1 Summative Test

Assessment

Quiz

Mathematics

11th Grade

Hard

Created by

Analyn Arenque

Used 4+ times

FREE Resource

50 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

It is described as putting an amount on the accountable events.

Identifying

Recording

Measuring

Communicating

2.

FILL IN THE BLANK QUESTION

1 min • 1 pt

The five major accounts are ASSETS, ________, ________, ________, and________.

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

It refers to the cost of earning income.

Asset

Liability

Equity

Expense

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

It is an inflow of wealth of the business from dealings with clients or customers.

Asset

Liability

Equity

Income

5.

FILL IN THE BLANK QUESTION

45 sec • 1 pt

It refers to the list of all accounts with their respective debit and credit

balances.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the choices below best describes statements 1 and 2?

Statement 1: Accounting is both and an art and discipline.

Statement 2: Accounting is a systematized body of knowledge that evolved with the development of trade and business.

Only statement 1 is correct.

Only statement 2 is correct.

Both statements are correct.

Both statements are not correct.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following statements describes accounting as an information system?

Accounting performs specific tasks of collecting, identifying, measuring, and communicating financial information.

Accounting is used to identify and measure economic activities.

Accounting involves acquiring a specialized formal education.

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