Lady of Lourdes Hospital and Colleges of Caybiga

Caybiga Caloocan City

ABM12 – QUIZ NO. 1

NAME: DATE:

STRAND / SECTION:

Instruction: Choose carefully the letter that best describes your answer. Write you answer on the space
provided before the number.

______1) The selecting of economic events that are relevant to a particular business transactions is
called ____________.
a. Recording c. Identifying
b. Measuring d. Classifying

______2) Keeping a chorological diary of events that are measured in pesos is _____________.
a. Verifying c. Interpreting
b. Recording d. Summarizing

______3) It occurs through the preparation and distribution of financial and other accounting reports is
called ________________
a. Measuring c. Recording
b. Classifying d. Communicating

______4) Accounting provides assistance to decision makers by providing them financial reports that
will guide them in coming up with sound decisions is called _______________
a. A Process c. An Information System
b. A service activity d. An Art and a discipline

______5) Collects processes and communicates financial information of any entity is _____________
a. A Process c. An Information System
b. A Service Activity d. An art and a discipline

______6) The method of performing any specific job step by step according to the objectives of targets
is _______________
a. A Process b. An Information System
b. A service activity d. An Art and a discipline

______7) Dealt with commercial transactions at the time of Mesopotamia such as listing of accounts
receivable and accounts payable is during ________________
a. The cradle of civilization c. The industrial Revolution (1760-1830)
b. French revolution (1700’s) d. 14th century double- entry bookkeeping
______8) Mass production and the great importance of fixed assets were given attention during the
period of ______________
a. The cradle of civilization c. The industrial revolution (1760-1830)
b. French revolution (1700’s) d. 14th century of double- entry bookkeeping

______9) The most important event in accounting history is general considered to be the dissemination
of double entry bookkeeping by Luca Pacioli happened during _____________
a) The cradle of civilization c. The industrial revolution (1760-1830)
b) French revolution (1700’s) d. 14th century double – entry bookkeeping
______10) The thorough study of accounting and development of accounting theory began during the
period of ____________
a) The cradle of civilization c. The industrial revolution (1760-1830)
b) French Revolution (1700’s) d. 14th century double entry bookkeeping

_______11) These are the users wherein accounting information is used for analyzing viability and
profitability of their investments
a) Management c. Creditors e. Employees
b) Owners d. Investors

_______12) These users’ needs the information because they are they are concerned with the risk
Inherent in investing and the returns of investing decision are the ______________
a) Management c. Creditors e. Employees
b) Owners d. Investors

_______13) This user in which accounting is of great assistance to management for planning, controlling
and decision making process is the _____________
a) Management c. Creditors e. Employees
b) Owners d. Investors

_______14) These users who is interested in accounting information because it enables them to
determine the credit worthiness of the business of decide whether to extend credit or not are the
____________
a) Management c. Creditors e. Employees
b) Owners d. Investors

_______15) These users who wants to find out the financial health, amount of sales and profitability of
business to determine their job security are the _____________
a) Management c. Creditors e. Employees
b) Owners d. Investors
II.

ESSAY: (15 pts)

Explain the connection of Financial Accounting, Management Accounting & Cost Accounting to each
other. You may use a VENN Diagram and explain it by your own understanding.