WorksheetsTVE ENTREP - Q1 SUMMATIVE TEST 1
Total questions: 20
Worksheet time: 13mins
A person, entity or group who has interest on the economic activities of the business.
Creditor
Government
Owner
Stakeholder
A business owned and managed by one person.
(a)
A valuable action, deed, or effort performed to satisfy a need or to fulfill a demand.
Manufacturing
Merchandising
Service
m
Which does not belong to the group?
Auto Repair
Dry Cleaning
Pet Grooming
Ukay-ukay
Type of business organization with 25 0r more members or owners.
Cooperative
Corporation
Partnership
Sole Proprietorship
A contract between two or more business partners that is used to establish the responsibilities, profit and loss distribution of each partner as well as other rules about the partnership.
(a)
It is a document that sets out the type and quantity of the inventory delivered to the purchaser.
Credit Note
Debit Note
Delivery Note
Sales Invoice
What type of business document is this?
(a)
This principle states that assets or properties acquired must be recorded based on the actual purchasing cost not on estimated cost.
Business Entity Concept
Cost Principle
Going Concern Principle
Objectivity Principle
Objectivity Principle is related to what qualitative characteristics of accounting report?
Comparability
Relevance
Reliability
Understandability
It is the recording of financial transactions of a business in a chronological and systematic manner.
(a)
It is the preparation of financial statements.
Classifying
Interpreting
Recording
Summarizing
These are collection of commonly followed accounting rules and standards used by accountants to guide them in recording financial information.
(a)
The first document that exists relating to a transaction.
Source Document
Business Document
It simply means that the personal transaction of the owner should be kept separated from the accounting records of the business.
Business Entity Concept
Cost Principle
Going Concern
Objectivity Principle
When cash is received from customers for revenue earned or collection of accounts, this document must be issued.
Delivery Note
Debit Memo
Official Receipt
Voucher
It is a document used by a purchaser to inform a vendor of the quantity and amount of goods being returned, and requesting that the amount be returned to the purchaser.
Credit Memo
Debit Memo
The language of the business.
(a)
Double taxation is one of the disadvantages of what business as to organization?
(a)
One of the phases of accounting where similar items are sorted or grouped.
Classifying
Interpreting
Recording
Summarizing
