FABM 112 WEEK 1-10
AMALEAKS.BLOGSPOT.COM
May mga sagot akong nailagay na 1st, 2nd, 3rd at 4th. Ang ibig sabihin mga iyon
ay haba ng sentence. Pinakamahaba ay 1st at pinakamaiksi ay 4th.
Kapag hindi lumabas ang tanong 2nd Attempt lalabas na ang tanong
Which of the following is an internal user of the financial data?
-Management
A person with knowledge of accounting, who does the routine work of recording,
classifying, and summarizing phases of accounting.
-Bookkeeper
Creditors information needs involve makingall of the following decisions,except:
-Whether or not to sell goods and serviceson accountbasis
Accounting and bookkeeping are synonymous.
-False
Which of the following is the most appropriate definition for Accountancy?
-a. Accountancy refers to the art of classifying the recorded transactions under
their respective accounts
Which is the last step of accounting as a process of information?
-c. Interpret financial data
1.) Government agency gives a CPA certificate to an accountant after he passes a series
of rigorous examinations administered by the Board of Accountancy (BOA).
= PRC
A corporation can extend its life for a period not exceeding
-c. 50 years
Accounting involves communication.
-True
Which financial statement displays the revenues and expenses of a company for a
period of time?
-a. Income Statement
Information is cost effective when:
-The value of the information exceeds the cost of producing it.
2.) Which of the following statements are true? (Financial Statements)
= Both 1 and 2 [My dalawa ganitong tanong pero pareho ang kanilang sagot]
3.) The statement of financial position and the balance sheet are synonyms.
= True
The external user of accounting information is the:
= Customer
A business ownership capitalization divided into hundreds or thousands of transferable
shares of stock and must have at least five owners or investors.
= Corporation
4.) Which of the following is not true? (Accounting)
= 2nd
Creditors information needs involve makingall of the following decisions,except:
=d. Whether or not to sell goods and serviceson accountbasis
5.) An Italian mathematician and known as the father of modern accounting who
introduced the modern double-entry bookkeeping system in 1494 at Venice in Italy.
= Luca Pacioli
The period covered by the prepared financial statements:
d. Cannot be longer than 12 months.
Which of the following is a mechanical aspect of accounting?
b. Reviewing the effectiveness of the internal control procedures
6.) Private accounting, as a sub-discipline of accounting, includes:
= Management Accounting [Dobleng Tanong]
Public Accounting, as a sub-discipline of accounting, includes:
=d. Managerial Advisory services
7.) Accounting deals with quantifiable information.
= True [Dobleng Tanong]
Sole proprietors are personally liable for all debts and obligations of their businesses.
=a. True
8.) Which of the following is not a part of the functions of the accounting system?
= Preparing....
It deals with recording, classifying and summarizing the details of materials, labor and
overhead necessary to produce and sell product or service.
C - Cost Accounting
The term book keeping and accountancy can be used interchangeably.
b. True
9.) Person who manages all of a firm's accounting activities.
= Controller
Which financial statement is used to show what the firm owns?
d. Balance sheet
A business that is owned by one person.
c. Sole Proprietorship
A person who is responsible for the formation and molding the mind of competitive
accountants and consultants.
A - Accounting professor
10.) Choose the correct statement
= 4th [Dobleng Tanong]
A person who is responsible for the formation and molding the mind of competitive
accountants and consultants.
A - Accounting professor
11.) The chief accounting officer of a medium-sized or large business enterprise.
= Controller
A principal may be held for the actions of an independent contractor.
-True
12.) Which of the following is a mechanical aspect of accounting?
= Analyzing.... [Dobleng question]
Sole proprietors are personally liable for all debts and obligations of their businesses.
-True
Services performed by service companies may include all of the following , EXCEPT:
No correct answer
The form of business organization that has the largest sales volume is the:
Cooperative
Which of the following is an advantage of sole proprietorship?
c. All of the answer is correct
13.) Certain assumptions are essential to prepare financial statements.
= True
14.) The basic function of financial accounting is to:
= Interpret.... [Nakadobleng tanong 'to]
15.) Accounting involves communication.
= True [Doblebg Tanong]
16.) Which is the last step of accounting as a process of information?
= Preparation [Dobleng Tanong]
17.) Accounting is the language of business.
= True [Dobleng Tanong]
18.) Which of the following would be classified as external users of financial statements?
= The creditors....
19.) ___ in the history of accounting this city is known as the city of commerce.
= Babylonia
20.) The term book keeping and accountancy can be used interchangeably.
= True
21.) This branch involves the preparation of tax returns and the rendering of tax advice
to clients, such as determination and verification of tax consequences, the effect of taxes
in the business operations, tax minimization through legal means, and the like.
= Tax Accounting
22.) Accounting is also defined as an "Information System" because?
= 1st
23.) Profit and Loss (P&L) statement is also known as
= Statement of Income
24.) Interpretation of Account is the
= All are correct answer
25.) Refers to the recording, presentation, and analysis of manufacturing costs.
= Cost Accounting
26.) Accounting is the process of matching
= Revenues and Costs
27.) Accounting and bookkeeping are synonymous.
= False
28.) Accounting aims to communicate financial information to investors only.
= False
29.) Which of the following is more appropriate definition for Accountancy?
= refers art of classifying.... [May 2 ganitong tanong. Isang multiple choice at
isang fill the blank.]
30.) The area of accounting that relates to providing audit, tax, and consulting services
to clients.
= Public Accounting
31.) Which of the following statement is not true?
= To be good accountant.... [Nakadoble tanong 'to]
32.) Which of the following statement is?not?correct?
= Being a bookkeeper requires the same kind of training and preparation as that
of being an accountant.
33.) Which of the following statements are true? (Analysis)
= I, II, III
34.) The area of the accounting profession that deals with providing information to meet
the needs of the internal decision-makers.
= Management Accounting
35.) Accounting provides information on
= All of the correct answer are correct
36.) Public Accounting, as a sub-discipline of accounting, includes:
= Managerial Advisory Service [Dobleng Tanong]
37.) Accounting in modern age is regarded as?
= 1st
38.) ___ is the process which provides information needed as a basis of making business
decisions.
= decision making