Fundamentals of ABM Quiz

Which of the following would be considered an internal users of accounting data for a company.

• A Local Government Unit Accountant

• A Production Manager

• Credit Analyst of a bank

• President of a Cooperative

Which of the following would NOT be considered as internal users of accounting data for a company?

• The CEO of a company

• The Department Manager

• The Local Government Unit Officer

• The owner of the company

They are in charge of the overall plans and policies of the organization.

• Top level manager

• Middle level manager

• Low level manager

• Chief Accountant

They are the first-line managers who supervise the day-to-day operations of the business and directs workers and employees.

• Top level manager

• Middle level manager

• Low level manager

• All of the above

What level of management does departmental heads, branch managers, junior executives belong?

• Top level manager

• Low level manager

• Middle level manager

• CEO of a company

The accounting guideline that requires financial statement information to be supported by independent, unbiased evidence other than someone's belief or opinion is the:

• Business entity principle

• Monetary unit principle

• Going-concern principle

• Cost principle

• Objectivity principle

The principle that requires every business to be accounted for separately and distinctly from its owner or owners is known as the:

• Objectivity principle

• Business entity principle

• Going-concern principle

• Accrual accounting principle

• Cost principle

The rule that requires financial statements to reflect the assumption that the business will continue operating instead of being closed or sold, unless evidence shows that it will not continue, is the:

• Going-concern principle

• Business entity principle

• Objectivity principle

• Cost Principle

• Monetary unit principle

To include the personal assets and transactions of a business's owner in the records and reports of the business would be in conflict with the:

• Objectivity principle

• Conservatism Principle

• Business entity principle

• Going-concern principle

• Cost principle

Which of the following accounting principles would require that all goods and services purchased be recorded at cost?

• Going-concern principle

• Matching principle

• Cost principle

• Business entity principle

• Objectivity principle