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