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WorksheetsPRICING AND COSTING: BARDAGULAN 2022
Total questions: 30
Worksheet time: 18mins
In identifying, events are classified into accountable events and non-accountable events. Usually, accountable events are
Recognized in the financial statements.
Ignored
Disclosed
Recorded as an adjusting entry.
Determine how many statements is/ are correct:
I. Only economic activities are emphasized and recognized in accounting.
II. Quantitative information and qualitative information have the same degree of importance in accounting.
III. A quantitative information is a financial information.
IV. Identifying is an analytical component of accounting
One of the above statements is correct.
Two of the above statements are correct.
Three of the above statements are correct.
All of the above statements are correct.
Measuring is the technical component of accounting which is concerned on valuing certain transactions. Why is historical cost the most common measurement base?
It is the oldest measurement base.
It is the most objective measurement base.
It is the only legal measurement base.
All of the above
The activities involved in communicating process are: Recording, classifying and summarizing. However, another activity that is inherent in communicating process is:
Recognizing
Realizing
Interpreting
Liquidating
What is the paramedical component of Accounting?
Identifying, because it involves skills and judgment.
Measuring, because it involves money and money is usually the medicine against all problems in the world.
Communicating, more specifically, Recording, because recording usually involves theft and fraud. As popular saying goes, “Dinoktor”
None, there are only analytical, technical, and formal components.
What is a hybrid business?
An entity whose nature contains characteristics of the different types of business organizations.
An entity whose nature contains characteristics of the different forms of business organizations.
A business which focuses on the production of different species or varieties of plants and animals.
A business which involves fusion of chemical compounds.
Accounting is an information system because it deals with the input, the processing, and the output of information. Which of the following can be characterized as an output?
Official Receipt
Sales Invoice
Statement of Financial Position
Both a and b
Accounting is a/an ___________ because it requires the use of creative skills and judgment.
Information System
Art
Social Science
All of the above
Because of the communicating process of Accounting, Accounting is then termed as the _________________ of the business.
Love
Lady
Language
Leader
Which of the following belongs to the “communicating” process of Accounting?
Classifying
Identifying
Measuring
None of the above
Which of the following statements is false?
Communicating involves both the preparation and distribution of reports.
The main purpose of Accounting is to provide information that is useful in making economic decisions.
Financial information means information expressed in Money.
Solvency means the ability to pay short-term obligations.
Which part of financial statements can you assess best the profitability of the company?
Statement of Financial Position
Statement of Financial Performance
Statement of Profit or Loss
Either b/c
Summarizing involves the preparation of
Financial Statements
Journal and Financial Statements
Journal, Ledger and Financial Statements
Journal, Ledger, Chart of Accounts and Financial Statements
The Chart of accounts is the listing of ___________ financial accounts used by the entity.
All
Major
Minor
Some
The account is the basic storage of information in accounting. Which of the following is an example of an account?
Cash Payable
Inventory Receivable
Land
Withdrawings
An asset is tantamount to the entity’s
Obligations
Net Worth
Resources
Payables
In which of the following reports are the transactions presented chronologically?
Journals
T-Accounts
Ledgers
Financial Statements
Which of the following is usually made last?
Making a Statement of Cash Flows
Identifying transactions.
Classifying transactions
Measuring transactions.
What is the old term for Statement of Financial Position?
Income Statement
Statement of Comprehensive Income
Balance Sheet
Statement of Retained Earnings
In which component of Financial Statements can we find most qualitative information?
Statement of Financial Position
Statement of Cash Flows
Statement of Profit of Loss
Notes to Financial Statements
Complete the following statement: Accountable transactions are ______ transactions.
Timely
Quantifiable
Paid
Cute
Which of the following transactions is an internal transaction?
Payment of taxes to the government.
Sale of goods to a customer
Casualty Loss
Payment of salaries to rank and file employees
Which of the following is/are accountable transaction(s)?
I. Order of Equipment.
II. Receipt of Ordered Equipment; Payment is made partially.
III. Full payment of balance from II.
I only
II only
I and III only
II and III only
The asset’s carrying amount is also known as
I. Salvage Value
II. Scrap Value
III. Residual Value
IV. Book Value
IV ONLY
I, II and III only
II & III only
I only
A restaurant is best classified as a _____________ business.
Service
Merchandising
Manufacturing
Sole Proprietorship
Accountable events are also called
Business transactions
Assets and liabilities
Economic Activities
Service activities
Which of the following forms of business organizations absorbs all the risks and rewards of the business?
Sole Proprietorship
Partnership
Corporation
Cooperative
Which of the following forms of business organization has an unlimited life?
Sole proprietorship
Partnership
Corporation
Cardo Dalisay
Which of the following forms of business organizations can we associate the term "limited liability"?
Sole Proprietorship
Partnership
Corporation
None of the above
Where do we register a business of sole proprietorship?
DTI
SEC
CDA
All of the above
