FABM 1 quarter 1

Under this Historical cost concept, assets are initially recorded at their ______.

• Fair market value

• Selling Price

• Acquisition Cost

Under this concept, the business is - viewed as a separate person, distinct from its owner(s).

• Going Concern

• Matching

• Separate Entity

• Conservatism

Under the _____ of accounting, economic events are recorded in the period in which they occur rather than at the point in time when they affect cash.

• Cost-Benefit

• Materiality

• Accrual Basis

Form of business organization that is considered as an artificial being, therefore, it can transact on its own, have its own properties, incur its own obligations, and sue or be sued.

The founding members of a cooperative shall not be less than ___ individuals.

• 15

• 10

• 12

• 5

A cooperative is registered with the ___.

• SEC

• CDA

• DTI

A ____ is a type of business that buys and sells goods without changing their physical form.

A sole proprietorship business is registered with ____.

• SEC

• DTI

• BSP

• CDA

______ s a business that is owned by two or more individuals who entered into a contract to carry on the business and divide among themselves the earnings therefrom.

• Corporation

• Sole Proprietorship

• Partnership

• Cooperative

Which of the following is NOT classified as enhancing qualitative characteristics?

• Timeliness

• Comparability

• Verifiability

• Relevance