WorksheetsFUNDAMENTALS OF ABM I - FIRST SUMMATIVE QUIZ
Total questions: 21
Worksheet time: 11mins
What do you call the economic events of an organization?
Business
Transactions
Records
Journals
It is when a certain process follows certain standards and professional ethics.
Art
Nature
Philosophy
Discipline
Which of the following nature of accounting tells us that accounting is considered as a storehouse of information.
Accounting as an art and discipline.
Accounting as an service activity.
Accounting as an information system
Accounting as a process
What civilization used clay tablets to record commercial transactions?
China
India
Mesopotamia
Phoenician
Who is the father of accounting?
Luca Pacioli
Luca Paciolo
Luca Paciola
Luca Paciole
What does GAAP mean?
Generally Accepted Accounting Principles
Generally Authoritative Accounting Principles
Generally Administrative Accounting Principles
Generally Amendable Accounting Principles
If DPWH will liquidate their expenses in the farm road project in a certain barangay in General Santos City, what branch of accounting will process the liquidation?
Tax Accounting
Accounting Education
Financial Accounting
Government Accounting
What accounting is considered as the subset of management accounting?
Auditing
Cost Accounting
Financial Accounting
Accounting Research
Which of the following is an internal user?
BIR
OWNER
SEC
LGU
One example of an external user is SSS. The SSS aims to develop and promote a viable social security institution providing universal and equitable social protection through world-class service. What does SSS mean?
Social Securities Sales
Social Securities System
Social Security System
Social Stock Sales
What is the simplest form of business organization?
Sole Proprietorship
Partnership
Corporation
Cooperative
What document is used for the agreement of partners in a partnership?
Agreement of Partners
Agreement for Partnership
Articles of Partnership
Articles Between Partners
Which of the following is an advantage of partnership?
Liability extends to the personal properties of one partner
Profits divided among partners
One partner can be held liable for the acts of another partner
Higher capital
What government agency releases the articles of incorporation?
SEC
BIR
DOLE
DTI
What do you call the owners of the cooperatives?
Members
Shareholders
Partners
Proprietors
Which is a service type of business?
Car manufacturing
Laundry business
Grocery Store
Book stores
Which is a manufacturing type of business?
Alex's Barber Shop
Toyota Corporation
National Book Store
Pick n' Save Mini Mart
The company declares their financial statements in Pesos even though they are situated in South Korea. What accounting principle is violated by the company?
Time period
Monetary unit
Objectivity
Going concern
A company overstates the rent expense by Php 5,500.00. What accounting principle is violated?
Conservatism
Disclosure
Going Concern
Materiality
A company declares that the equipment that they purchased at one million pesos is written at 750,000 pesos, the fair market value of the equipment, in their financial statements. This is a clear violation of what accounting principle?
Cost
Matching
Accrual accounting
Business entity
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