FABM 1

FABM 1

11th Grade

20 Qs

quiz-placeholder

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FABM 1

FABM 1

Assessment

Quiz

Financial Education

11th Grade

Practice Problem

Medium

Created by

Edilene Cruzat

Used 5+ times

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20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Who signed the royal charter for the Institute of Accountants in Glasgow?

King George III
Queen Elizabeth I
Prince Charles
Queen Victoria

2.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Accountants communicate the summarized results of all company financial events to interested parties to help them in ________

auditing
budgeting
decision-making
tax preparation

3.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

 The PAS, GAAP and PFRS are accounting ________

standards
guidelines
regulations
principles

4.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

 Which of the following is a correct listing of the steps in the accounting process?

identifying, recording, communicating

identifying, segregating, communicating

segregating, recording, verifying

segregating, verifying, identifying

5.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

 What is the primary purpose of accounting?

To track events that affect a business

To create financial reports

To analyze market trends

To manage human resources

6.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

 Which of the following is not a basic feature of accounting?

Accounting is a process

Accounting is an art

Accounting deals with non-quantifiable transactions

Accounting is a means and not an end

7.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

 Which of the following is an example of an external user of accounting information?

Marketing manager

Production supervisor

Potential investor

Finance director

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