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  • Fabm1 Quiz 1 Answers

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    fennie ilinah molina
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    This document provides answers to a quiz on fundamental accounting concepts. It lists the top 10 accounting principles, 3 common business organizations, and 3 major types of business activities. It also lists 5 specialized fields of accounting, 5 users of accounting information, and the 5 key elements that make up financial statements.

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    FABM1 QUIZ 1 ANSWERS.docx

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    This document provides answers to a quiz on fundamental accounting concepts. It lists the top 10 accounting principles, 3 common business organizations, and 3 major types of business activities. It also lists 5 specialized fields of accounting, 5 users of accounting information, and the 5 key elements that make up financial statements.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    31 views1 page

    Fabm1 Quiz 1 Answers

    Uploaded by

    fennie ilinah molina
    This document provides answers to a quiz on fundamental accounting concepts. It lists the top 10 accounting principles, 3 common business organizations, and 3 major types of business activities. It also lists 5 specialized fields of accounting, 5 users of accounting information, and the 5 key elements that make up financial statements.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 1

    FABM1 QUIZ # 1 ANSWERS

    1. ACCOUNTING
    2. GAAP Generally Accepted Accounting Principles
    3. Business Entity Principle
    4. Dual-Effect of Business
    5. MATCHING PRINCIPLE
    6. ACCRUAL BASIS
    7. CASH BASIS
    8. PERIODICITY
    9. STABLE MONETARY UNIT
    10. GOING CONCERN
    11. PARTNERSHIP
    12. CORPORATION
    13. SERVICE
    14. MANUFACTURING
    15. MERCHANDISING

    1. List down 5 Specialized Field of Accounting (16-20)


    a. Auditing
    b. Cost Accounting
    c. Financial Accounting
    d. Internal Auditing
    e. Government Accounting
    f. Tax Accounting
    g. Management Consulting
    h. International Accounting

    2. List down 5 users of accounting information (21-25)


    a. Investors
    b. Employees
    c. Lenders & Suppliers
    d. Customers
    e. Government
    f. Public

    3. List down the 5 elements of Financial Statements (26-30)


    a. Assets
    b. Liabilities
    c. Equity
    d. Income
    e. Expenses

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