FABM1-Reviewer -Midterms SY2024-25

FABM1-Reviewer -Midterms SY2024-25

11th Grade

125 Qs

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FABM1-Reviewer -Midterms SY2024-25

FABM1-Reviewer -Midterms SY2024-25

Assessment

Quiz

Business

11th Grade

Practice Problem

Medium

Created by

Accounting Unit

Used 1+ times

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125 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

What is the Basic Accounting Equation?

Liabilities =Assets + Equity

Assets = Liabilities + Equity

Equity = Assets + Liabilities

Income = Assets +Equity

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

A business transaction is recorded in the books of accounts if

It is an accountable event

It is a favorable transaction

It increases assets

There is no criteria

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

It is the facet of business that is responsible for building good rapport with customers.

Production

Marketing

Finance

Accounting

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which of the following phases in the accounting process comes first?

Interpreting

Recording

Identifying

Communicating

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Accounting is a process of identifying, recording and communicating economic information that is useful in making economic decisions.

True

False

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Only economic events are recorded in the books of accounts.

True

False

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Accounting is described as a practical art. This is because it is a body of knowledge which has been systematically gathered, classified and organized.

True

False

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