9/8/2020 1st.
Quarter Exam
Home / My courses / BAED-FABM2112-2012S / Week 10: Quarterly Exam / 1st. Quarter Exam
Question 1
Answer saved Accounting is the language of business.
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Select one:
a. False
b. True
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Question 2
Answer saved The chief accounting officer of a medium-sized or large business enterprise.
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Select one:
a. Auditor
b. Bookkeeper
c. Controller
d. Treasurer
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Question 3
Answer saved
decision making
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is the process which provides information needed as a basis of making business decisions.
Question 4
Answer saved Choose the correct statement
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Select one:
a. Keeping systematic recording of business transaction is not the function of financial accounting
b. Business and Businessman are one and the same from accounting point of view
c. Accounting is concerned with past as well as future events
d. Accounting is concerned with monetary transactions
Clear my choice
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9/8/2020 1st. Quarter Exam
Question 5
Answer saved Person who manages all of a firm's accounting activities.
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Select one:
a. Accounting staff
b. Payroll manager
c. Controller
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Question 6
Answer saved Profit and Loss (P&L) statement is also known as
Marked out of
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Select one:
a. Statement of earnings
b. Statement of income
c. Statement of operations
d. All of the correct answer
Clear my choice
Question 7
Answer saved Which of the following is true about financial statements?
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Select one:
a. Both I & II
b. Statement I only
c. Statement II only
d. No correct answer
e. Statement I: Financial statement gives a summary of accounts.
Statement II: Financial statements can be stated as recorded facts.
Clear my choice
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9/8/2020 1st. Quarter Exam
Question 8
Answer saved Which of the following is not true?
Marked out of
1.00
Select one:
a. Accounting is the language of business.
b. Accounting is a communication tool that is useful to both internal and external decision-makers.
?
c. Accounting is useful only to profit-oriented organizations.
d. Accounting is not an exact science.
Clear my choice
Question 9
Answer saved Government agency gives a CPA certificate to an accountant after he passes a series of rigorous
Marked out of examinations administered by the Board of Accountancy (BOA).
1.00
Select one:
a. School Registrar
b. BIR
c. PRC
d. Civil Service Commission
e. {
Clear my choice
Question 10
Answer saved The statement of financial position and the balance sheet are synonyms.
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Select one:
a. False
b. True
Clear my choice
Question 11
Answer saved Which of the following is more appropriate definition for Accountancy?
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Answer: refers art of classifying
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9/8/2020 1st. Quarter Exam
Question 12
Answer saved Accounting involves communication.
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Select one:
a. False
b. True
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Question 13
Answer saved Accounting is also defined as an "Information System" because?
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Select one:
a. It is a system which provide information
b. Accounting provides required information for anyone seeking it
c. All of the answers are correct
d. The function of accounting is to provide quantitative information, primarily financial in nature
about economic entities.
Clear my choice
Question 14
Answer saved This branch involves the preparation of tax returns and the rendering of tax advice to clients, such as
Marked out of determination and verification of tax consequences, the effect of taxes in the business operations, tax
1.00 minimization through legal means, and the like.
Select one:
a. Fiduciary accounting
b. Financial accounting
c. Tax accounting
d. Auditing
Clear my choice
Question 15
Answer saved Which of the following statement is not true?
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1.00
Select one:
a. A non-CPA may be engaged in public accounting.
b. To be a good accountant, one must have mastery of mathematics.
c. A non-accounting graduate may work as a bookkeeper or accountant of a business enterprise.
d. A non-CPA may be the chief accountant of a business enterprise.
Clear my choice
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9/8/2020 1st. Quarter Exam
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Question 16
Answer saved Private accounting as a sub-discipline of accounting, includes:
Marked out of
1.00
Select one:
a. Management advisory services
b. Tax consultancy
c. External auditing
d. Management accounting
Clear my choice
Question 17
Answer saved Which of the following is a mechanical aspect of accounting?
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1.00
Select one:
a. Reviewing the effectiveness of the internal control procedures
b. Analyzing the transactions preparatory to the recording process
c. Designing the accounting system
d. Preparation of the financial budget
Clear my choice
Question 18
Answer saved Which of the following would be classified as external users of financial statements?
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Select one:
a. The controller of the company and a company's stockholders
b. The company marketing managers
c. Stockholders and management of the company
d. The creditors and stockholders of the company
Clear my choice
Question 19
Answer saved The area of accounting that relates to providing audit, tax, and consulting services to clients.
Marked out of
1.00
Select one:
a. Private accounting
b. Incorporators
c. General managers
d. Public accounting
Clear my choice
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9/8/2020 1st. Quarter Exam
Question 20
Answer saved Accounting and bookkeeping are synonymous.
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1.00
Select one:
a. True
b. False
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Question 21
Answer saved Accounting in modern age is regarded as?
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Select one:
a. All of the correct answer
b. The source of business information
c. The language of business
d. The art of recording, classifying, and summarizing the business transactions in monetary units
Clear my choice
Question 22
Answer saved Accounting provides information on
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Select one:
a. Cost and income for managers
b. All of the answers are correct
c. Financial conditions of an institution
d. Company's tax liability for a particular year
Clear my choice
Question 23
Answer saved Private accounting, as a sub-discipline of accounting, includes:
Marked out of
1.00
Select one:
a. Management Accounting
b. Tax consultancy
c. Managerial advisory services
d. External auditing
Clear my choice
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9/8/2020 1st. Quarter Exam
Question 24
Answer saved Which of the following statement is not true?
Marked out of
1.00
Select one:
a. A non-CPA may be engaged in Public accounting.
b. To be a good accountant, one must have mastery of mathematics.
c. A non-CPA may be the chief accountant of a business enterprise.
d. A non-accounting graduate may work as a bookkeeper or accountant or accountant of a business
enterprise.
Clear my choice
Question 25
Answer saved Accounting deals with quantifiable information.
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1.00
Select one:
a. True
b. False
Clear my choice
Question 26
Answer saved Accounting is the process of matching
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Select one:
a. Revenues and Costs
b. Potential and Real performance
c. Benefits and Costs
d. Cash inflows and outflows
Clear my choice
Question 27
Answer saved Which of the following statement is?not?correct?
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Select one:
a. Accounting is both a science and an art.
b. Being a bookkeeper requires the same kind of training and preparation as that of being an
accountant.
c. Accounting is a service-oriented discipline.
d. Proper accounting of the transactions of a business will benefit both the people inside and
outside the enterprise.
Clear my choice
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9/8/2020 1st. Quarter Exam
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Question 28
Answer saved Which is the last step of accounting as a process of information?
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1.00
Select one:
a. Communication of information
b. Recording the transaction
c. Preparation of financial statement
d. Analysis and interpretation of information
Clear my choice
Question 29
Answer saved Which is the last step of accounting as a process of information?
Marked out of
1.00
Select one:
a. Communication of information
b. Preparation of financial statement
c. Recording the transaction
d. Analysis and interpretation of information
Clear my choice
Question 30
Answer saved Which of the following is not a part of the functions of the accounting system?
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Select one:
a. Classifying and summarizing the effects of the transactions on the accounting elements
b. Analyzing and recording the business transactions of the enterprise.
c. Preparing financial statements that are favorable to the data-users.
d. Reporting the results of operations during a reporting period
Clear my choice
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9/8/2020 1st. Quarter Exam
Question 31
Answer saved Which of the following statements are true?
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1.00
Select one:
a. Both I & II
b. Both II & III
c. I, II, III
d. Statement I: External analysis depends entirely on issued financial.
Statement II: Interpretation and analysis both are different.
Statement III: Financial analysis covers interpretation.
e. Both I and III
Clear my choice
Question 32
Answer saved Which of the following is a mechanical aspect of accounting?
Marked out of
1.00
Select one:
a. Reviewing the effectiveness of the internal control procedures
b. Preparation of a financial budget
c. Designing the accounting system
d. Analyzing the transactions preparatory to the recording process.
Clear my choice
Question 33
Answer saved The basic function of financial accounting is to
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Select one:
a. Interpret financial data
b. Assist the management in performing functions effectively
c. No correct answer
d. Record all business transactions
Clear my choice
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9/8/2020 1st. Quarter Exam
Question 34
Answer saved Refers to the recording, presentation, and analysis of manufacturing costs.
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Select one:
a. Financial Accounting
b. Auditing
c. No correct answer
d. Cost Accounting
Clear my choice
Question 35
Answer saved Which of the following statements are true?
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1.00
Select one:
a. Statement I only
b. No correct answer
c. Statement I: Financial statements are only interim report.
Statement II: Financial statements are also known as annual records.
Statement II: Financial statements are historic.
d. Statement II only
e. Both I & II
Clear my choice
Question 36
Answer saved Interpretation of Account is the
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1.00
Select one:
a. Art and science of translating the figures
b. To know financial strengths and weaknesses of a business
c. All of the correct answer
d. To know the causes for the prevailing performance of business
Clear my choice
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9/8/2020 1st. Quarter Exam
Question 37
Answer saved Certain assumptions are essential to prepare financial statements.
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1.00
Select one:
a. True
b. False
Clear my choice
Question 38
Answer saved Public accounting, as a sub-discipline of accounting, includes:
Marked out of
1.00
Select one:
a. Management accounting
b. Cost accounting
c. Management advisory services
d. Internal auditing
Clear my choice
Question 39
Answer saved Accounting involves communication.
Marked out of
1.00
Select one:
a. True
b. False
Clear my choice
Question 40
Answer saved Public Accounting, as a sub-discipline of accounting, includes:
Marked out of
1.00
Select one:
a. Cost accounting
b. Management Accounting
c. Internal auditing
d. Managerial Advisory services
Clear my choice
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9/8/2020 1st. Quarter Exam
Question 41
Answer saved The basic function of financial accounting is to
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Select one:
a. Interpret financial data
b. No correct answer
c. Record all business transactions
d. Assist the management in performing functions effectively
Clear my choice
Question 42
Answer saved The area of the accounting profession that deals with providing information to meet the needs of the
Marked out of internal decision-makers.
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Select one:
a. Financial Accounting
b. Management Accounting
c. No correct answer
d. Auditing
Clear my choice
Question 43
Answer saved Which of the following is more appropriate definition for Accountancy?
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Select one:
a. Accountancy refers to the process of recording financial transactions in the order of their
occurrence
b. Accountancy refers to the art of communicating the financial transactions to accounting users
c. Accountancy refers to the systematic knowledge of accounting.
d. Accountancy refers to the art of classifying the recorded transactions under their respective
accounts
Clear my choice
Question 44
Answer saved
Babylonia
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in the history of accounting this city is known as the city of commerce.
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9/8/2020 1st. Quarter Exam
Question 45
Answer saved
Luca Pacioli
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an Italian mathematician and known as the father of modern accounting who introduced the modern
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double-entry bookkeeping system in 1494 at Venice in Italy.
Question 46
Answer saved Accounting aims to communicate financial information to investors only.
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1.00
Select one:
a. True
b. False
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Question 47
Answer saved Choose the correct statement
Marked out of
1.00
Select one:
a. Business and Businessman are one and the same from accounting point of view.
b. Keeping systematic recording of business transaction is not the function of financial accounting.
c. Accounting is concerned with past as well as future events.
d. Accounting is concerned with monetary transactions.
Clear my choice
Question 48
Answer saved Accounting deals with quantifiable information.
Marked out of
1.00
Select one:
a. True
b. False
Clear my choice
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9/8/2020 1st. Quarter Exam
Question 49
Answer saved Accounting is the language of business.
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Select one:
a. True
b. False
Clear my choice
Question 50
Answer saved The term book keeping and accountancy can be used interchangeably.
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1.00
Select one:
a. True
b. False
Clear my choice
Question 51
Answer saved It is a communication tool that helps data users as they make certain informed financial decision.
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Answer: decision support system
◄ Written Work 2 Jump to... Lesson 9: Types of Major Accounts ►
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