Republic of the Philippines DEPARTMENT OF EDUCATION Region V-Bicol Division of Masbate AMADOR

BELLO HIGH SCHOOL Gangao, Baleno, Masbate 1 st Semester, S/Y 2018-2019 FIRST QUARTER
EXAMINATION IN ABM 1 Fundamental of Accounting, Business and Management 1 NAME :
____________________________________ SCORE : _______________ GRADE :
____________________________________ DATE : _______________ I. TRUE OR FALSE : Encircle T if
the statement is true, F if it is false. T F 1. External Auditing deals with determining the operational
efficiency whether the financial statements Are presented fairly and in compliance with accounting
standard. T F 2. Statements are presented fairly and in compliance with accounting standards. T F 3. The
financial statements of a company should always be prepared in accordance with the generally accepted
accounting principles. T F 4. The financial reports that direct management’s attention are the examples
of control Information. T F 5. Accounting information are needed by the management only. T F 6.
Accounting Education “ addresses all aspects of the accounting information” using a scientific method. T
F 7. Government Accounting deals with Taxes paid by government, the recording and of Inflow and
outflow of funds of the government. T F 8. Internal Accounting is a service provided by public
accounting. T F 9. External users are individuals and organizations outside the company who want work
Information about the company. T F 10. Managers, employees and owners are examples of external
users. II. MULTIPLE CHOICE – Read and understand the sentences and questions. Choose the correct
answer by writing the corresponding letter of the correct answer on your answer sheets: _______ 11.
Evaluate whether a branch of the business complies with the collection and deposit policy of the
Company. A. Internal Accounting C. External Accounting B. Managerial Accounting D. Tax Accounting
_______ 12. Sometimes considered as the subset of Management Accounting. A. Accounting Education
C. Cost Accounting B. Financial Accounting D. All of the above _______ 13. Financial reports needed of
Financial Accounting. A. Statement of Financial Condition C. Statement of cash flows B. Income
statement D. All of the above _______ 14. Analyse the feasibility of investing in a company to encur they
can earn a reasonable return on their Investment. A. Creditors B. Customers C. Investors D. Regulatory
Authorities _______15. What information will that Management need that can be answered by
accounting? A. Income B. Sales C. Available cash D. All of the above