ILIGAN CAPITOL COLLEGE

Mahayahay, Iligan City

BASIC EDUCATION DEPARTMENT
SY. 2019-2020
FIRST PRELIM EXAM
FUNDAMENTALS OF ACCOUNTANCY, BUSINESS AND MANAGEMENT 1

NAME: _____________________________________________________________________ SCORE:______________

GRADE/SECTION: ____________________________ PREMIT NO.: ___________________
TEACHER: MR. JEPTE B. GALIGAO
I. MULTIPLE CHOICE.
Direction: Write the CAPITAL LETTER of your answer on the space provided before each number. NO ERASURES.
(2 points each)
_____ 1. The process of identifying, recording, and communicating economic events of an organization to interested
users.
a. Accounting c. Financing
b. Liquidating d. Counting
_____ 2. This involves keeping a chronological diary of events that are measured in pesos.
a. Communicating c. Recording
b. Transferring d. Identifying
_____ 3. Occurs through the preparation and distribution of financial and other accounting reports.
a. Communicating c. Recording
b. Transferring d. Identifying
_____ 4. This is a specialized branch of accounting that keeps track of a company's financial transactions.
a. Financial Accounting c. Management Accounting
b. Government Accounting d. Auditing
_____ 5. The process of recording, analyzing, classifying, summarizing, communicating and interpreting financial
information about the government in aggregate and in detail reflecting transactions and other economic events involving
the receipt, spending, transfer, usability and disposition of assets and liabilities.
a. Financial Accounting c. Management Accounting
b. Government Accounting d. Auditing
_____ 6. This branch of accounting helps clients follow rules set by tax authorities.
a. Financial Accounting c. Management Accounting
b. Tax Accounting d. Auditing
_____ 7. This branch of accounting deals with developing future accountants by creating relevant accounting curriculum.
a. Financial Accounting c. Management Accounting
b. Tax Accounting d. Accounting Education
_____ 8. Sometimes considered as a subset of management accounting, also refers to the recording, presentation, and
analysis of manufacturing costs.
a. Financial Accounting c. Cost Accounting
b. Tax Accounting d. Accounting Education
_____9. 1760-1830 Evolution of accounting.
a. French Revolution c. The industrial Revolution
b. The Present d. The Cradle of Civilization
_____ 10. Who is the father of accounting?
a. Luca Pacioli c. Luca Pacioili
b. Lucia Pacioli d. Lucia Papaili
II. ENUMERATION: Select the answers on the table below
1. Six Evolution of Accounting
2. Eight Branches of Accounting
3. Three Internal Users of Accounting
4. Five External Users of Accounting

IV. ESSAY

1. What if you are from a LOCAL GOVERNMENT UNIT (City/Municipality)? Do you think the Local Government
will be interested with your accounting reports/records?
2. Differentiate internal users from external users of accounting information. Explain.
3. Give one branch of accounting that you want to focus with and explain why.