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- 1. Multiple Choice
1. Which nature of Accounting emphasizes it’s NOT the objective?
a. Accounting is an art
b. Accounting is a process
c. Accounting is a means not an end
d. Accounting deals with financial information and transactions.
- 2. Multiple Choice
2. Who is considered the Father of Modern Accounting
a. Augustus
b. Luca Pacioli
c. Queen Victoria
d. Suetonius
- 3. Multiple Choice
3. Which is the most important step in the Accounting process?
a. Communication
b. Identification
c. Recording
d. All steps are equally important
- 4. Multiple Choice
4. Which of the following is NOT an Accounting process step?
a. Communication
b. Identification
c. Recording
d. Verification
- 5. Multiple Choice
5.Who is the person responsible for the process of identifying, recording and communicating economic events of an organization?
a. accountant
b. manager
c. secretary
d. treasurer
- 6. Multiple Choice
6.What profession does NOT use accounting information at all?
a. Economists
b. Entrepreneurs
c. Government Officials
d. none of the above
- 7. Multiple Choice
7.Which of the following is mostly used by accountants in communicating the results of operations to outside parties?
Bulletin Board Postings
Financial Statement
Performance Memo
Public Announcements of the results of the operations
- 8. Multiple Choice
8. Which of the following can be considered can as a relevant economic event?
a. A meeting of the top management last month.
b. GMA Network signed a contract with Coco Martin.
c. Meralco announced of higher charges.
d. The company received advanced payments from its customers.
- 9. Multiple Choice
9. Which of the following cannot be considered a limitation of accounting?
a. Accounting is only historical in nature.
b. Accounting provides limited information to the management.
c. Accounting considers only those transactions which can be measured in terms of money.
a. The accounting process is tedious to execute.
- 10. Multiple Choice
10. Which of the following does NOT show one of the main functions of Accounting?
a. Fred prepared a report to be submitted to the taxing authorities.
b. John prepares financial reports monthly for the company’s stockholders.
c. Jason recorded an equipment in the accounting books immediately after purchase.
d. Allen canvassed the price of a sewing machine to be used in the company’s operations.
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