WorksheetsQuiz 1
Total questions: 10
Worksheet time: 5mins
Users of accounting information include:
The tax authorities
Investors
Creditors
All of these
Double entry book-keeping was fathered by:
F.W.Taylor
Henry Fayol
Lucas Pacioli
Albert Einstein
What is the law regulating the practice of accountancy in the Philippines?
R.A. No. 9289
R.A. No. 9198
R.A. No. 9928
R.A. No. 9298
All of the following describe accounting, except
A service activity
An information system
An exact science rather than an art
A universal language of business
Using accrual accounting, revenue is recorded and reported only______________
If cash is received after the services are rendered
when cash is received at the time services are rendered
when the services are rendered without regard to when cash is received
when cash is received without regard to when the services are rendered
The overall objective of accounting is
To provide the information that the managers of an entity need to control the operations
To provide information that the creditors can use in deciding whether to make additional loans
To measure the periodic income of the entity
To provide quantitative financial information about an entity that is useful in making economic decision
A business with one owner is known as a:
Sole proprietorship
Company
Partnership
Cooperative
The two forms of business ownership with unlimited liability are:
Sole Proprietorship
Partnership
Corporation
Cooperative
Advantages of a partnership are:
The partners split the profit
Raise more capital than a sole trader
Unlimited liability
Share the workload
What do you call a person who owns part of a corporation?
Stakeholder
Trust Agent
Shareholder
Chairman
