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Quiz1-lesson 1

Total questions: 15

Worksheet time: 5mins

Name
Class
Date
1.

it is a service activity that provides quantitative information which is financial in nature

a)

Bookkeeping

b)

Accounting

c)

Journalizing

d)

Selling

2.

In the definition of Accounting, the transactions and events are expressed in

a)

Monetary value

b)

Qualitative nature

c)

Quantitative means

d)

None of the above

3.

An information system may means as

a)

a manual system

b)

A computerized system

c)

A customized system designed to fit accounting

d)

All of the above

4.

Analyzing and interpreting means

a)

Expressing it in a vertical analysis

b)

expressing in financial ratios

c)

expressing it in a horizontal analysis

d)

All of the above

5.

The management reports that are generated by an organizations is solely for

a)

in-house reporting

b)

external reporting

c)

outside agencies reporting

d)

All of the above

6.

Branch of Accounting that focuses on the preparation of financial statements

a)

Management Accounting

b)

Financial Accounting

c)

Auditing

d)

Accounting Education

7.

This branch of accounting tells that the in-house information generated by the accountant for specific purposes will serve as benchmark to company's performance

a)

Management Accounting

b)

Financial Accounting

c)

Auditing

d)

Accounting Education

8.

This branch of accounting focuses on the preparation of tax returns as required by the Bureau of Internal Revenue (BIR)

a)

Management Accounting

b)

Financial Accounting

c)

Tax Accounting

d)

Accounting Education

9.

This is carried out by Certified Public Accountant in the public practice who should be accredited by the Board of Accountancy (BOA)

a)

External Auditing

b)

Internal Auditing

c)

Government Accounting

d)

Tax Accounting

10.

This profession is carried out by Certified Public accountant in the academe

a)

External Auditing

b)

Internal Auditing

c)

Government Accounting

d)

Accounting Education

11.

He is the user of accounting information who determines the credit worthiness the organization

a)

Creditors

b)

Owners

c)

Investors

d)

regulatory bodies

12.

He is the user of accounting information who uses information for analyzing the feasibility of investing in the business organization

a)

customers

b)

tax authorities

c)

Investors

d)

Employees

13.

He is a user of accounting information who uses it for assessing the financial position of its suppliers which is necessary for them to maintain a stable source of long term supply

a)

customers

b)

tax authorities

c)

Investors

d)

Employees

14.

He is a user of accounting information that uses it for decision making

a)

management

b)

employees

c)

Investors

d)

all of the above

15.

He is a user of accounting information that uses it for assessing a business organization's profitability and its consequences on their future remuneration and job security

a)

management

b)

employees

c)

Investors

d)

all of the above