FAR 2: THEORETICAL FOUNDATION OF ACCG AND PH ACCG PROFESSION
Authored by Elyssa Marie De Guzman
Financial Education
University
Used 3+ times
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50 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following describes Accountancy?
Service Activity
Art of recording, classifying, and summarizing
Information System
All of the above
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
It involves the recognition and non-recognition of business activities.
Communicating
Measuring
Identifying
None of the above
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
This involves assigning of peso amounts
Communicating
Identifying
Measurement
None of the above
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
It is a formal component. It involve interpreting the significance of the processed information.
Identifying
Communication
Measurement
None of the above
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
It is the preparation of financial statements.
Summarizing
Recording
Classifying
Journalizing
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Sorting or grouping similar accounts into their respective classes (Posting).
Summarizing
Classifying
Recording
Balance Sheet
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Process of systematically arranging all transactions after they have been identified and measured.
Classifying
Summarizing
Transactions
Recording
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