Scribd
Upload
10 views22 pages

Fabm1 Lesson 2 Quiz

Uploaded by

Jessi De Jesus
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
10 views22 pages

Fabm1 Lesson 2 Quiz

Uploaded by

Jessi De Jesus
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
You are on page 1/ 22

Q UIZ NO.

2
L E S S O N 2 : B RA N C H E S O F
ACCOUNTING
L E S S O N 3 : E X PA N D I N G
A C C O U N T I N G E Q U AT I O N
LESSON 2: BRANCHES OF ACCOUNTING
CHOOSE THE CORRECT LETTER OF THE ANSWER

1. Why financial statement should be


standardized?

A. To show transparency.
B. To ensure understandability.
C. To examine financial reports
D. To accumulate communication.
2. It is a process of objectively evaluating
evidence and expressing an opinion
between management assertions and
established criteria.
A. Taxation
B. Computation
C. Auditing
D. Accounting
3. It is a branch of accounting that focuses
on the custody and administration of public
funds.
A. Financial Accounting
B. Government Accounting
C. Management Accounting
D. Tax Accounting
4. Why external users that are users of financial
information do not have the authority to demand
financial reports that are tailored to their specific
needs?
A. Because they are directly involved in the
management of the business.
B. Because they are not directly involved in the
management of business.
C. Because they are responsible in facilitating the
acquisition of knowledge and skills in management
business.
D. Because they are not responsible in facilitating the
acquisition of knowledge and skills in management
business.
5. Mr. Dela Cruz is a customer that is involved in a food
industry and want to know certain information on the
said business. Why do Mr. Dela Cruz need information?
A. To be able for Mr. Dela Cruz to assess whether the
business will continue in existence especially if he have
a long-term involvement in the business.
B. To be able for Mr. Dela Cruz to know the background
of the business that will help him decide whether he will
pursue his involvement in the business.
C. To be able for Mr. Dela Cruz to come up with a
solution if ever he encountered certain problemin the
business.
D. To be able for Mr. Dela Cruz understand the operation
of the business.
6. Is business required for cost accounting? Why?

A. Yes, because all business is required for cost


accounting for the preparation of budget and
accountability reports.
B. Yes, because it is for analysis of the cost of products
and the effects of those costs to business profitability as
well as pricing policies.
C. No, because all business is required for cost
accounting for the preparation of budget and
accountability reports.
D. No, because it is for analysis of the cost of products
and the effects of those costs to business profitability as
well as pricing policies.
7. Is creditors/lenders need accounting
information of the business? Why?

A. Yes, to help them assess the business’ ability to


repay loans and interest when they fall due.
B. Yes, to assess the businesses’ ability to pay
goods to be delivered or services to be rendered.
C. No, for it would not help them assess the
business’ ability to repay loans and interest when
they fall due.
D. No, for businesses’ may not be assess it they
had the ability to pay goods to be delivered or
service rendered.
8. This are eternal users of accounting that
are interested in whether they are going to
buy, hold, or sell investments in the business.

A. Creditors/Lenders.
B. Government and its agencies.
C. Investors and Stockholders
D. Customers
9. All businesses are required to file tax
returns. Taxpayers may be required to have
tax advice regarding the management of
taxes. What branch of accounting does the
statement refers to?

A. Cost Accounting
B. Financial Accounting
C. Management Accounting
D. Tax Accounting
10. ___________ refers to the careful study and
analysis of economic events and other
variable to understand their impact in
making business-related decision.
A. Accounting Education
B. Accounting Research
C. Accounting Study
D. Accounting Survey
LESSON 3: EXPANDED ACCOUNTING
EQUATION

11.The equity account is split into how many


elements?
A. 2
B. 3
C. 4
D. 5
12. How does expanded accounting equation
demonstrates the relationship between
balance sheet and the income statement?
A. By seeing how revenues and expenses
flow through into the equity of the business.
B. By knowing how to present the flow of
revenues and expenses in the business
equity.
C. By providing information on how revenues
and expenses are computed.
D. By showing the process in computing the
revenues and expenses.
13. Owner’s Equity is also known as
_____________.
A. Cash
B. Capital
C. Investment
D. Stocks
14. Revenue is also known as
____________
A. Benefits
B. Gain
C. Income
D. Shares
15. Steve invested 45,000 to start his
coffee shop business and get a loan
amounting to 100,000 to a
community bank. He purchased
coffee maker for 60,000 on account
and paid 5,000 for the rent. He also
withdraw 1,000 for personal used.
Show the effect of the said
transaction by getting the total
assets, liabilities, capital, drawings
Expand the basic accounting
equation to show the various
components of equity. What will be
the total answer of
A = L + C – D - Exp

A. 196,000
B. 197,000
C. 198,000
D. 199,000
16. In the equation wherein:
ASSETS = LIABILITIES + (CAPITAL + REVENUE –
EXPENSES). Solve the problem below and find the total Asset.
? = 100,000 + (60,000 + 50,500 – 36,500)

A. 173,000
B. 174,000
C. 175,000
D. 176,000
17. In the equation wherein:
ASSETS = LIABILITIES + (CAPITAL + REVENUE –
EXPENSES). Solve the problem below and find the Liabilities.
154,000 = ? + (41,000 + 89,000 – 51,000)

A. 73,000
B. 74,000
C. 75,000
D. 76,000
18. In the equation wherein:
ASSETS = LIABILITIES + (CAPITAL + REVENUE –
EXPENSES). Solve the problem below and find the Revenue.
203,000 = 134,000 + ( 122,000 + ? – 106,000)

A. 53,000
B. 54,000
C. 55,000
D. 56,000
19. In the equation wherein:
ASSETS = LIABILITIES + (CAPITAL + REVENUE –
EXPENSES). Solve the problem below and find the Revenue.
110,000 = 40,000 + ( 52,000 + 82,500 - ? )

A. 62,500
B. 63,500
C. 64,500
D. 65,500
20. The expanded accounting equation also
demonstrates the relationship between the
___________________and _____________by seeing how
revenues and expenses flow through into the equity of
the business.

A. balance sheet and the income statement


B. income statement and financial statement
C. revenue and expenses
D. owner’s equity and expenses

You might also like

pFad - Phonifier reborn

Pfad - The Proxy pFad of © 2024 Garber Painting. All rights reserved.

Note: This service is not intended for secure transactions such as banking, social media, email, or purchasing. Use at your own risk. We assume no liability whatsoever for broken pages.


Alternative Proxies:

Alternative Proxy

pFad Proxy

pFad v3 Proxy

pFad v4 Proxy