FABM REVIEWER QUIZ ONLY

FABM REVIEWER QUIZ ONLY

12th Grade

60 Qs

quiz-placeholder

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FABM REVIEWER QUIZ ONLY

FABM REVIEWER QUIZ ONLY

Assessment

Quiz

Specialty

12th Grade

Easy

Created by

Ross Perez

Used 1+ times

FREE Resource

60 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

20 sec • 2 pts

What is the primary purpose of accounting?

To track financial transactions

To provide information for decision-making

To comply with legal requirements

All of the above

2.

MULTIPLE CHOICE QUESTION

20 sec • 2 pts

Which of the following is NOT an accountable event?

Purchasing office supplies

Paying salaries

Hiring a new employee

Receiving a loan

3.

MULTIPLE CHOICE QUESTION

20 sec • 2 pts

What is the process of recording accountable events in a chronological order called?

Posting

Journalizing

Summarizing

Communicating

4.

MULTIPLE CHOICE QUESTION

20 sec • 2 pts

Who is considered the "father of accounting"?

Luca Bartolomeo de Pacioli

Adam Smith

Karl Marx

Henry Ford

5.

MULTIPLE CHOICE QUESTION

45 sec • 2 pts

Which branch of accounting focuses on providing financial information to external users?

Managerial accounting

Financial accounting

Cost accounting

Tax accounting

6.

MULTIPLE CHOICE QUESTION

20 sec • 2 pts

What does GAAP stand for?

Generally Accepted Accounting Principles

Global Accounting and Auditing Practices

Government Accounting and Auditing Policies

General Accounting and Auditing Procedures

7.

MULTIPLE CHOICE QUESTION

10 sec • 2 pts

Which accounting concept assumes that a business will continue to operate indefinitely?

Separate entity concept

Going concern assumption

Accrual basis of accounting

Stable monetary unit concept

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