Search Header Logo

FABM1 QUIZ BEE

Authored by MA. ABANICA

Business

11th Grade

FABM1 QUIZ BEE
AI

AI Actions

Add similar questions

Adjust reading levels

Convert to real-world scenario

Translate activity

More...

    Content View

    Student View

40 questions

Show all answers

1.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Accounting is the process of ________, ________, and ________ financial information.

Identifying

Checking

Recording

Communicating

Forecasting

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which of the following best defines accounting?

A. The process of recording only expenses

B. The language of business that records, summarizes, and communicates financial transactions

C. A legal system that ensures tax compliance

D. A method of producing goods

3.

FILL IN THE BLANK QUESTION

2 mins • 1 pt

The accounting principle that requires companies to record assets at their original purchase price is called ________.

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which of the following accounting principles ensures that expenses are recorded in the same period as related revenues?

Consistency Principle

Revenue Recognition Principle

Matching Principle

Cost Principle

5.

FILL IN THE BLANK QUESTION

2 mins • 1 pt

The accounting equation is ________.

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

If total assets increase by ₱50,000 and liabilities remain the same, what happens to owner’s equity?

Increases by ₱50,000

Decreases by ₱50,000

Remains the same

Increases by ₱25,000

7.

FILL IN THE BLANK QUESTION

2 mins • 1 pt

The expanded accounting equation includes ________ and ________ under owner’s equity.

Access all questions and much more by creating a free account

Create resources

Host any resource

Get auto-graded reports

Google

Continue with Google

Email

Continue with Email

Classlink

Continue with Classlink

Clever

Continue with Clever

or continue with

Microsoft

Microsoft

Apple

Apple

Others

Others

Already have an account?