QUIZ 1 ACCTG 101

The _______ defines accounting as the process of identifying, measuring, and communicating economic information to permit informed judgments and decisions by the users of the information.

• Accounting Association of Americans

• American Association Accountants

• American Accounting Association

• American Accountant Association

It is the process of recognition and nonrecognition of business activities as "accountable or non-accountable events".

• Identifying

• Summarizing

• Communicating

• Recognizing

What is the Republic Act that governs accounting? It is also known as the Philippine Accountancy Act of 2004.

• Republic Act No. 9892

• Republic Act No. 9289

• Republic Act No. 9882

• Republic Act No. 9298

Which among the following is not part of the basic forms of business organizations?

• Partnership

• Corporation

• Single Proprietorship

• Service Provider

This is commonly known as buy and sell or trading business.

• Trading Business

• Manufacturing

• Merchandising

• Selling and Buying

This assumption looks on a business that it will continue its operations for the foreseeable future.

• Accounting Entity

• Going Concern

• Time Period

• Conservatism

It is a one year period that ends when business operations are at their lowest level of annual cycle.

• Natural Year

• Calendar Year

• Fiscal Year

• Accounting Year

Which is not an element of accounting?

• Capital

• Asset

• Fees Earned

• Accrual

What do you call the value that you parted with?

• Credit

• Debit

• Asset

• Liability

Who is the father of accounting?

• Luca Pacioli

• Lucca Pacioli

• Lucka Pasioli

• Luka Pasioli