FABM 1 Assessment

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.

a. Augustus

b. Luca Pacioli

c. Queen Victoria

d. Suetonius

a. Communication

b. Identification

c. Recording

d. All steps are equally important

a. Communication

b. Identification

c. Recording

d. Verification

a. accountant

b. manager

c. secretary

d. treasurer

a. Economists

b. Entrepreneurs

c. Government Officials

d. none of the above

Bulletin Board Postings

Financial Statement

Performance Memo

Public Announcements of the results of the operations

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.

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.

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.