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FABM1 Diagnostic Test

Authored by Rafael Christian Aguilar

Social Studies

12th Grade

FABM1 Diagnostic Test
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50 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

During which historical period did the development of accounting theory begin?

The Beginning of Civilization
The Industrial Revolution
The French Revolution
The Present

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In which century did double-entry bookkeeping become prominent?

14th Century
19th Century
18th Century
20th Century

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What accounting term is used for the process of grouping similar transactions together?

Posting
Journalizing
Recording
Summarizing

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What aspect of accounting became important during the Industrial Revolution?

Recording daily activities
Mass production and fixed assets
Communication of financial results
Analyzing financial data

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does accounting provide information on, making it an information system?

Profitability and liquidity
Sales and marketing
Employee performance
Customer satisfaction

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does modern accounting standards development represent in the present era?

A return to double-entry bookkeeping
The decline of accounting as a profession
The development of financial analysis tools
The development of comprehensive accounting guidelines

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What happens after information is summarized, analyzed, and interpreted in accounting?

Taxes are calculated
Financial statements are prepared
It is communicated to interested parties
Journal entries are made

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