10/24/21, 9:42 AM Quiz 1.

Introduction to Accounting: Attempt review

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Quiz 1. Introduction to Accounting

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Started on Sunday, 24 October 2021, 9:35 AM

State Finished
Completed on Sunday, 24 October 2021, 9:42 AM
Time taken 6 mins 3 secs
Grade 20.00 out of 20.00 (100%)

Question 1

Correct

Mark 1.00 out of 1.00

Which of the following gives the best definition of bookkeeping?

a. To provide financial information to users.

b. To record, classify and summarize financial transactions and events.



c. To calculate the amount of tax to be paid to BIR.

d. To calculate the amount of profit to be paid to investors.

Your answer is correct.

The correct answer is:
To record, classify and summarize financial transactions and events.

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10/24/21, 9:42 AM Quiz 1. Introduction to Accounting: Attempt review

Question 2

Correct

Mark 1.00 out of 1.00

Which is not a basic characteristic of a business?

a. Social marketing


b. A regular activity

c. Involves commercial activities

d. Conducted for profit

Your answer is correct.

The correct answer is:

Social marketing

Question 3

Correct

Mark 1.00 out of 1.00

Accounting is

a. the recording of financial transactions.

b. the art of recording, classifying, and summarizing in a significant manner and in terms of money, transactions and 
events which are, in part at least of financial character, and interpreting the results thereof.

c. the person who keeps and maintains the books of accounts of the business organization. The bookkeeper is responsible
for recording the transactions of the business.

d. the process of recording, classifying and summarizing business transactions for the proper determination of correct tax
declarations and payments.

Your answer is correct.

The correct answer is:
the art of recording, classifying, and summarizing in a significant manner and in terms of money, transactions and events which
are, in part at least of financial character, and interpreting the results thereof.

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10/24/21, 9:42 AM Quiz 1. Introduction to Accounting: Attempt review

Question 4

Correct

Mark 1.00 out of 1.00

Which is not a type of business?

a. Merchandising or trading

b. Manufacturing

c. Servicing

d. Philanthropy


Your answer is correct.

The correct answer is:
Philanthropy

Question 5

Correct

Mark 1.00 out of 1.00

Which is not a form of business organization?

a. Partnership

b. Business association


c. Corporation

d. Sole proprietorship

Your answer is correct.

The correct answer is:
Business association

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10/24/21, 9:42 AM Quiz 1. Introduction to Accounting: Attempt review

Question 6

Correct

Mark 1.00 out of 1.00

Businesses must register in the following except

a. Department of Business and Management



b. Department of Trade and Industry

c. Securities and Exchange Commission

d. Cooperative Development Authority

Your answer is correct.

The correct answer is:
Department of Business and Management

Question 7

Correct

Mark 1.00 out of 1.00

Which may not be a function of a bookkeeper?

a. Record sales and collections

b. Record purchases and payments

c. Record inventory movements

d. Approve transactions


Your answer is correct.

The correct answer is:
Approve transactions

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10/24/21, 9:42 AM Quiz 1. Introduction to Accounting: Attempt review

Question 8

Correct

Mark 1.00 out of 1.00

The form of business organization owned by stockholders

a. Sole proprietorship

b. Partnership

c. Non-profit organization

d. Corporation


Your answer is correct.

The correct answer is:
Corporation

Question 9

Correct

Mark 1.00 out of 1.00

The form of business organization owned by stockholders

a. Partnership

b. Sole proprietorship

c. Non-profit organization

d. Corporation


Your answer is correct.

The correct answer is:
Corporation

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10/24/21, 9:42 AM Quiz 1. Introduction to Accounting: Attempt review

Question 10

Correct

Mark 1.00 out of 1.00

The bookkeeper is

a. the person who keeps and maintains the books of accounts of the business organization, and is responsible for 
recording the transactions of the business.

b. the artist of recording, classifying, and summarizing in a significant manner and in terms of money, transactions and
events which are, in part at least of financial character, and interpreting the results thereof.

c. the process of recording, classifying and summarizing business transactions for the proper determination of correct tax
declarations and payments.

d. the recording of financial transactions and is part of the process of accounting in business.

Your answer is correct.

The correct answer is:
the person who keeps and maintains the books of accounts of the business organization, and is responsible for recording the
transactions of the business.

Question 11

Correct

Mark 1.00 out of 1.00

The following are examples of service businesses except

a. Azina Water Refilling Station

b. Philippine Airlines

c. Cagayan River Hotel and Resorts

d. Spendmore Supermarket


Your answer is correct.

The correct answer is:

Spendmore Supermarket

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10/24/21, 9:42 AM Quiz 1. Introduction to Accounting: Attempt review

Question 12

Correct

Mark 1.00 out of 1.00

Which is not one of the legal requirements of a business?

a. Withhold taxes on certain payments

b. File and pay taxes

c. Maintain profitability


d. Pay business permits and licenses

Your answer is correct.

The correct answer is:

Maintain profitability

Question 13

Correct

Mark 1.00 out of 1.00

A business of two or more persons who bind themselves to contribute money, property or industry to a common fund, with the
intention of dividing the profits among themselves

a. Partnership


b. Sole proprietorship

c. Corporation

d. Cooperative

Your answer is correct.

The correct answer is:
Partnership

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10/24/21, 9:42 AM Quiz 1. Introduction to Accounting: Attempt review

Question 14

Correct

Mark 1.00 out of 1.00

In the accounting process, which step follows journalizing?

a. Documentation of the transaction

b. Preparation of trial balance

c. Posting to the ledger



d. Preparation of financial statements

Your answer is correct.

The correct answer is:
Posting to the ledger

Question 15

Correct

Mark 1.00 out of 1.00

The following are examples of service businesses except

a. Cagayan River Hotel and Resorts

b. Philippine Airlines

c. Azina Water Refilling Station

d. Spendmore Hypermarket


Your answer is correct.

The correct answer is:

Spendmore Hypermarket

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10/24/21, 9:42 AM Quiz 1. Introduction to Accounting: Attempt review

Question 16

Correct

Mark 1.00 out of 1.00

Which is not one of the legal requirements of a business?

a. Secure business registration certificates and permits

b. Conduct profitable activities



c. Maintain accounting records

d. Issue receipts and invoices

Your answer is correct.

The correct answer is:

Conduct profitable activities

Question 17

Correct

Mark 1.00 out of 1.00

It is the simplest form of business organization

a. Service entity

b. Merchandising entity

c. Sole proprietorship


d. Partnership

Your answer is correct.

The correct answer is:
Sole proprietorship

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10/24/21, 9:42 AM Quiz 1. Introduction to Accounting: Attempt review

Question 18

Correct

Mark 1.00 out of 1.00

A business of two or more persons who bind themselves to contribute money, property or industry to a common fund, with the
intention of dividing the profits among themselves

a. Partnership


b. Corporation

c. Sole proprietorship

d. Cooperative

Your answer is correct.

The correct answer is:
Partnership

Question 19

Correct

Mark 1.00 out of 1.00

It is a type of business that buys goods and commodities then sells the same for profit without changing its form

a. Merchandising business


b. Service business

c. Manufacturing business

d. Sole Proprietorship

Your answer is correct.

The correct answer is:
Merchandising business

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10/24/21, 9:42 AM Quiz 1. Introduction to Accounting: Attempt review

Question 20

Correct

Mark 1.00 out of 1.00

The following are examples of manufacturing businesses, except

a. Red Ribbon Bakeshop

b. Rolex Watch Repair Shop



c. Sony Philippines

d. Toyota Motors, Inc.

Your answer is correct.

The correct answer is:
Rolex Watch Repair Shop

◄ Notebook 1. Introduction to Accounting

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Notebook 2. Recording Transactions ►

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