ACTG 21: Fundamentals of Accounting

Quiz No. 1

Name: ________________________________ Date: ____________________

Course & Section: _______________________

I. Identification: Write the answer on the space provided. (No erasures.)

____________________ 1. Economic activity undertaken with the motive of earning profits and to maximize the wealth
for the owners.
____________________ 2. The language of business.
____________________ 3. It reports changes in financial condition due to changes in retained earnings during a period.
____________________ 4. The financial condition of a business as of a point in time.
____________________ 5. Branch of accounting that focuses on the preparation of financial reports used by managers
in their day-to-day decision making.
____________________ 6. It is an unbiased examination and evaluation of the financial statements of an organization.
____________________ 7. Branch of accounting that provides information for management accounting and financial
accounting.
____________________ 8. The Latin word for Cooperative.
____________________ 9. It provide information useful to a wide range of users in their economic decisions.
____________________10. It encompasses the process of analyzing, recording, classifying, summarizing and
communicating all transactions involving the receipt and disposition of government fund and property and interpreting
result thereof.

II. Enumerate the following:

a) 4 Users of Accounting Information.

b) 5 Advantage of a Sole Proprietorship.
c) 5 Disadvantages of Partnership.
d) 7 Advantages of Cooperative.