EASY – Questionnaire

1. The three important activities included in the definition of accounting by the American Association of
Accountants includes the following EXCEPT:
a. Identifying
b. Classifying
c. Measuring
d. Communicating

2. The three types of information provided by accounting includes the following EXCEPT:
a. Quantitative Information
b. Qualitative Information
c. Managerial Information
d. Financial Information

3. An accounting concept wherein, all components of a complete set of financial statements are
interrelated.
a. Concept of Articulation
b. Consistency Concept
c. Matching Concept
d. Systematic and Rational Allocation

4. It is a common branch of accounting for non-profit entities other than the government.
a. Cost Accounting
b. Institutional Accounting
c. Government Accounting
d. Fiduciary Accounting

5. The Financial Reporting Standards Council (FRSC) is composed of how many individuals?
a. 14
b. 15
c. 16
d. 17

6. Items of Property, Plant, and Equipment are initially measured at

a. Fair Value
b. Historical Value
c. Present Value
d. Cost

7. It is a check where a payee was unable to encash within a relatively long period of time.
a. Post-dated Check
b. Undelivered Check
 c. Stale Check
d. Unreleased Check

8. It refers to claims arising from sale of merchandise or services in the ordinary course of business.
a. Trade Receivables
b. Nontrade Receivables
c. Accounts Receivable
d. Loans Receivable

9. It is a method that requires recognition of a bad debt loss only when the accounts proved to be worthless or
uncollectible.
a. Direct Writeoff Method
b. Net Method
c. Memorandum Entry Method
d. Gross Method

10. These are claims supported by formal promises to pay usually in the form of notes.
a. Accounts Payable
b. Accounts Receivable
c. Notes Payable
d. Notes Receivable

11. It is the financial flexibility or capability of an entity to raise money out of its receivables.
a. Pledge of Accounts Receivable
b. Receivable Financing
c. Factoring of Accounts Receivable
d. Assignment of Accounts Receivable

12. This means that the freight charge on the goods shipped is already paid by the seller.
a. FOB Destination
b. FOB Shipping Point
c. Freight Prepaid
d. Freight Collect

13. A method which records inventory at cost and any loss on inventory writedown is accounted for
separately.
a. Direct Method
b. Indirect Method
c. Allowance Method
d. Gross Method

14. Luca Pacioli is known as the Father of Accounting. In what year did he died?
a. 1516
b. 1517
 c. 1518
d. 1519

15. In the options below, the first ever book that Luca Pacioli published was
a. Summa de arithmetica, geometria, proportioni et proportionalita
b. De viribus quantitates
c. Geometry
d. Divina proportione