SCORE: _________________________

NAME: _______________________________________________________ ST. HOMOBONUS DATE: __________________________

QUIZ# 1: HISTORY OF ACCOUNTING, BRANCHES OF ACCOUNTING AND USERS

I. Multiple Choice. On the blank before the item number, write the corresponding letter of the word or set of words
that correctly completes the statement or answers the question. Use CAPITAL letters.

_______1. On what year led to the invention of writing, introduction of Arabic numerals, decimal system and
diffusion of knowledge of algebra?
A. 8500 B.C. C. 11th to 14th Century
B. 3600 B.C. D. 13th to 15th Century
________2. In the middle ages, they use “quipu” to keep accounting records.
A. 8500 B.C. C. 11th to 14th Century
B. 3600 B.C. D. 13th to 15th Century
________3. Sezioni Sovrapposte is the earliest evidence of Bookkeeping that was discovered by Pietro Santini. This
was discovered on __________________________.
A. Middle Ages C. Method of Venice
B. Florentine Approach D. Savary and Napoleonic Commercial Code
________4. Luca Pacioli is the father of double-entry bookkeeping and he proposes the computation of periodic profit
and closing of books and in effect, the accounts do not have delay information as to his assets and
liabilities.
A. Middle Ages C. Method of Venice
B. Florentine Approach D. Savary and Napoleonic Commercial Code
_________5. He is the proponent of ‘lower-of-cost-or-market.’
A. Benjamin Workman C. Amatino Manucci
B. Jacques Savary D. Eugen Schmalenbach
_________6. He wrote the earliest-known American accounting textbook, ‘American Accountant.’
A. Benjamin Workman C. Amatino Manucci
B. Jacques Savary D. Eugen Schmalenbach
_________7. He is the inventor of bookkeeping.
A. Benjamin Workman C. Amatino Manucci
B. Jacques Savary D. Eugen Schmalenbach
_________8. Uniform accounting through Chart of Accounts are his inventions.
A. Benjamin Workman C. Amatino Manucci
B. Jacques Savary D. Eugen Schmalenbach
_________9. Brinklin and Frankston invented the first electronic spreadsheet. what spreadsheet is this?
A. Microsoft Excel C. VisiCalc for Apple III
B. VisiCalc for Apple II D. Visual Basic for Apple II
_________10. In the 18th to 19th Century of the Industrial Revolution, what branch of accounting was discovered that
transformed the handicraft method to a factory system?
A. Management Accounting C. Government Accounting
B. Financial Accounting D. Cost Accounting
________11. Which BEST describes Accounting?
A. Accounting is a process of identifying, recording, communicating and classifying economic information
that is useful in making economic decisions.
B. Accounting is work done in accounting or by auditors.
C. Accounting is a process of identifying, recording, classifying and communicating economic information
that is useful in making economic decisions.
D. Accounting refers to the process of identifying, measuring and communicating economic information to
permit informed judgments and decisions by internal users of the information.

For items 12-15, use the following choices:

A. Accounting as an art C. Accounting as information system
B. Accounting as process D. Accounting as service

________12. It requires the use of creative skills and judgment.

________13. Accounting needs skills and intangible activities such as bookkeeping, auditing and analysis.
________14. The inputs are the identified accountable events; the process are recording, classifying and summarizing;
and the output is the accounting report that is communicated to the users.
________15. It follows steps and guidelines to carry out and present financial statements in good form.

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________16. The users are those who do not have direct access to the accounting records of the business and must
therefore rely on general-purpose financial reports for much of their financial information needs.
A. external users C. outside users
B. internal users D. accounting users
________17. These users are interested in information about the stability and profitability of the reporting entity in
order for them to decide on whether to sell or hold investments in stocks.
A. employees C. government agencies
B. potential/existing investors D. creditors

For items 18-20, use the following choices:

Identify the user of financial statements in each of the following statements.
A. Government C. Employees
B. Potential/Existing Investors D. Financial Institution/ Investors

_________18. They need to know their financial information for the collection of taxes.
_________19. Determines the capacity of the business organization to pay its obligations and its interests at the
appropriate time.
_________20. Set goals for their companies and evaluate their progress towards these goals.

II. Choose among the following choices that best describe the statement. Use CAPITAL letters only.

A. Practice of Public Accountancy E. Practice in Commerce and I. Practice in Education/Academe

Industry
B. Practice in Government F. Bookkeeping J. Financial Accounting
C. Management Accounting G. The Florentine Approach
D. The Method of Venice H. Savary and Napoleonic Commercial Code

__________1. This branch focuses on external users and follows the GAAP to create financial statements.
__________2. It is a branch of accounting that involves the collection of basic financial data.
__________3. Accountants who practice usually in private firms.
__________4. These are accountants who render services such as auditing, taxation and management advisory
services in the biggest firms.
__________5. Their main goal is to produce competent professional accountants capable of making a positive
contribution over their lifetimes to the profession.
__________6. Accountants who are hired by the state to give accounting services to the municipal, city, or national
state.
__________7. The primary users are internal and there are no mandatory rules for preparing reports.
__________8. This stage in the history of accounting founded the earliest evidence of business bookkeeping.
__________9. ‘Everything about Arithmetic, Geometry, Proportions, and Proportionality’ was written on this stage in
1494.
__________10. The earliest systematized form of accounting regulation developed on this era in France in 1673.

III. RESTRICTED ESSAY. Explain briefly this statement, “Behind every successful business is a great accountant.”
Score: 5 4 3
Answered concisely what is asked for in the Answered what is asked for in Answered what is asked for in the
Content question in a clear and well-discussed the question with minimal question without discussion.
manner. discussion.

Score: 5 3
Organization of Ideas Ideas are well-organized. Ideas are unorganized.
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Prepared by: Miss Mary Joy Vega Agbanlog,LPT,CB