Republic of the Philippines

Region VI – Western Visayas

Department of Education
Division of Negros Occidental
BINALBAGAN NATIONAL HIGH SCHOOL
Paglaum, Binalbagan, Negros Occidental

“Towards Continuous Academic Thrust for Excellence And Equitability”

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OUR SCHOOL, OUR HOME, OUR FUTURE
ACCOUNTANCY, BUSINESS AND MANAGEMENT 1
SUMMATIVE
WEEK 1
MULTIPLE CHOICE: ENCIRCLE THE CORRECT ANSWER:

1. There are three primary internal users of accounts.

A. Managers, Employees, Business Owners

B. Managers, Regulatory Authorities, Customers
C. Managers, Employees, Investors
D. Managers, Regulatory Authorities, Business Owners
2. Collects, processes, and communicates financial information of any entity.

A. Accounting deals with financial information and

transactions.

B. Accounting is both an art and a discipline.

C. Accounting is known and characterized as a storehouse of

information.

D. Accounting is a service activity.

3. Helps decision makers by giving them financial reports that will guide them in
making sound decisions.

A. Accounting deals with financial information and

transactions.
B. Accounting is both an art and a discipline.
C. Accounting is known and characterized as a storehouse of
information.
D. Accounting is a service activity.
4. Performs the specific task of collecting, processing, and communicating
financial information.

A. Accounting deals with financial information and

transactions.
B. Accounting is both an art and a discipline.
C. Accounting is a process.
D.Accounting is a service activity.

5. It is a behavioral knowledge involving an established creativity and skill to help

one achieve distinct objective.
 A. Accounting deals with financial information and
transactions.
B. Accounting is both an art and a discipline.
C. Accounting is a process.
D.Accounting is a service activity.

II. Fill in the blank with correct answer.

___________________6. Government agencies established to supervise

if businesses comply with legal requirements in running a business.

________________________7. Evaluate the financial information of its

supplier to keep stable source of supply in the long term.

_________________________8. Government agency that verifies the

accuracy of financial data to ensure the credibility of the tax
returns filed by the business.

_________________________9. Need accounting information to

evaluate and examine the feasibility of investing in a company.

_________________________10. From India and China to Central and

South America, the clay tablet records the business transactions
like accounts receivable and accounts payable.

_________________________11. Most relevant event in accounting

history is generally considered to be the dissemination of
doubleentry bookkeeping-by Luca Pacioli (Father of Accounting, in
14th century Italy).

________________________12. Are the individuals or organizations

outside the company who are not involved in operating the
business.

________________________13. Also called as “primary users” of

accounting information and some of these users are the marketing
managers, supervisors, finance directors, company officers, and
owners.

________________________14. Use financial information to know the

profit or income for the period, resources, or assets of the business.

________________________15. For job security, they use financial

information as factor to consider in staying employment or to look
for other employment opportunities.