FABM SECOND QUARTER EXAM

Which of the following is NOT considered revenue?

Select one:
a. Interest Revenue
b. Ticket Sales Revenue

c. Deferred Revenue
d. Rent revenue

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The correct answer is: Deferred Revenue

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Question 2
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Question text
The business carried out work for a customer and was paid in cash, is the entry to the revenue
account a debit or a credit?

Select one:
a. Debit

b. Credit

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The correct answer is: Credit

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Question 3
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Question text
Information is material if:

Select one:
a. It corresponds to financial variables
b. Its omission or misstatement could influence the economic decisions of users taken on the basis

of the financial statements.

c. None of the previous answers.
d. It is recorded on the basis of concrete documents.

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The correct answer is: Its omission or misstatement could influence the economic decisions of users
taken on the basis of the financial statements.

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Question 4
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Question text
The accounting cycle begins by recording _____________ in the form of journal entries.

Select one:
a. Business Contracts
b. Financial Information
c. Corporate minutes

d. Business Transactions

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The correct answer is: Business Transactions

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Question 5
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Question text
Accounting is the language of business.

Select one:
a. False

b. True
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The correct answer is: True

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Question 6
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Question text
Which of the following statements is?incorrect?

Select one:

a. The business enterprise must have ownership over the items reported as business assets.
b. An asset has future usefulness or service potential
c. An asset does not always have physical attributes.
d. A reliable monetary value must be assignable to the reported asset items.

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The correct answer is: The business enterprise must have ownership over the items reported as
business assets.

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Question 7
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Question text
When does an accountant record a transaction?

Select one:
a. On manager's demand
b. No correct answer
c. If it has a tax implication

d. If it is materialized by a concrete document

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The correct answer is: If it is materialized by a concrete document

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Question 8
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Question text
Financial statements are prepared:

Select one:
a. For corporations, but not for sole proprietorship or partnership.
b. Only for publicly owned business organizations.
c. In either monetary or non-monetary terms, depending upon the need of the decision-maker.

d. Primarily for the benefit of persons outside of the business organizations

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The correct answer is: Primarily for the benefit of persons outside of the business organizations

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Question 9
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Question text
Information is cost effective when:

Select one:

a. The value of the information exceeds the cost of producing it.

b. The information aids management in controlling costs.
c. The information is generated by a computer-based system.
d. The information is based upon the historical costs, rather than upon?

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The correct answer is: The value of the information exceeds the cost of producing it.

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Question 10
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Question text
Which financial statement is used to show what the firm owns?

Select one:
a. Income statement

b. Balance sheet
c. Cash flow statement
d. Statement of retained earnings

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The correct answer is: Balance sheet

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Question 11
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Question text
Which is the last step of accounting as a process of information?

Select one:
a. Communication of information
b. Analysis and interpretation of information

c. Preparation of financial statement

d. Recording the transaction

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The correct answer is: Preparation of financial statement

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Question 12
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Question text
Probable future sacrifices of economic benefits arising from past transactions are known as:

Select one:
a. Expenses
b. Assets

c. Liabilities
d. Income

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The correct answer is: Liabilities

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Question 13
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Question text
All entries must be supported by a source document.

Select one:

a. True
b. False

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The correct answer is: True

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Question 14
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Question text
Government agency gives a CPA certificate to an accountant after he passes a series of rigorous
examinations administered by the Board of Accountancy (BOA).

Select one:
a. BIR
b. Civil Service Commission

c. PRC
d. School Registrar

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The correct answer is: PRC

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Question 15
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Question text
What are the accounting standards issued by the IASB called?

Select one:
a. Internationally Accepted Accounting Standards
b. International Financial Accounting Standards
c. International Accounting Principles

d. International Financial Reporting Standards

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The correct answer is: International Financial Reporting Standards

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Question 16
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Question text
The basic function of financial accounting is to

Select one:
a. No correct answer

b. Interpret financial data

c. Record all business transactions
d. Assist the management in performing functions effectively

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The correct answer is: Interpret financial data

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Question 17
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Question text
Which is the last step of accounting as a process of information?

Select one:
a. Preparation of financial statement
b. Communication of information
c. Recording the transaction
d. Analysis and interpretation of information

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The correct answer is: Preparation of financial statement

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Question 18
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Question text
Which of the following is more appropriate definition for Accountancy?

Select one:
a. Accountancy refers to the process of recording financial transactions in the order of their
occurrence
b. Accountancy refers to the art of communicating the financial transactions to accounting users
c. Accountancy refers to the art of classifying the recorded transactions under their respective

accounts
d. Accountancy refers to the systematic knowledge of accounting.

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The correct answer is: Accountancy refers to the art of classifying the recorded transactions under
their respective accounts

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Question 19
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Question text
A loan can be described as a short-term loan of the period is:

Select one:
a. 3 years

b. Less than 1 year

c. More than 2 years
d. Over 1 year

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The correct answer is: Less than 1 year

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Question 20
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Question text
The basic purpose of accounting is to:

Select one:
a. Develop financial statements in conformity with generally accepted?
b. Provide as much useful information to decision makers as possible, regardless of cost.

c. Meet an organization's need for accounting information as efficiently as possible.

d. Record changes in the financial position of an organizations by applying the concepts of double-
entry accounting.

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The correct answer is: Meet an organization's need for accounting information as efficiently as
possible.

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Question 21
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Question text
A one year reporting period that begins on January 1 ends on December 31 is:

Select one:
a. Semester reporting period

b. Calendar year reporting period

c. Fiscal year reporting period
d. Quarterly reporting period

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The correct answer is: Calendar year reporting period

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Question 22
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Question text
A business transaction can affect two accounts on the same side of the accounting equation and still
leave the equation in balance.

Select one:

a. True
b. False

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The correct answer is: True

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Question 23
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Question text
The type of accounting which reports on the performance of the firm to essential external users.

Select one:
a. Internal auditing
b. Managerial accounting

c. Financial accounting
d. External accounting

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The correct answer is: Financial accounting

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Question 24
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Question text
Which of the following is not a characteristics of an economic resource so that it could be classified
as an asset of the business?

Select one:
a. The resource has future resource has future service potential.

b. The economic resource has physical existence.

c. The resource was acquired as a result of a past transaction.
d. The business entity has control over the usefulness of the economic resource.
Feedback
The correct answer is: The economic resource has physical existence.

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Question 25
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Question text
Although accounting information is used by a wide variety of external parties, financial reporting is
primarily directed toward the information needs of:

Select one:

a. Investors and creditors

b. Customers
c. Government agencies such as the Internal Revenue Service.

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The correct answer is: Investors and creditors

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Question 26
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Question text
Financially, shareholders are rewarded by

Select one:
a. Profits

b. Dividends
c. No correct answer
d. Interest

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The correct answer is: Dividends

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Question 27
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Question text
The four principal qualitative characteristics of useful financial statements are:

Select one:
a. Understandability, relevance, accuracy, comparability
b. Understandability, relevance, reliability, simplicity

c. Understandability, relevance, reliability, comparability

d. Timeliness, relevance, reliability, comparability

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The correct answer is: Understandability, relevance, reliability, comparability

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Question 28
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Question text
The top of the T account is used for account titles. Credits are entered on the left side of the T;
debits, on the right.

Select one:
a. True

b. False

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The correct answer is: False

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Question 29
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Question text
Every transaction affects two or more accounts and is recorded by equal amounts of debits and
credits.

Select one:

a. True
b. False

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The correct answer is: True

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Question 30
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Question text
Which of the following groups use financial accounting?

Select one:

a. All of the answers correct

b. Tax authorities, government and general public
c. Suppliers, customers and competitors
d. Management, employees, shareholders, and lenders

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The correct answer is: All of the answers correct

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Question 31
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Question text
Which of the following is never debited when making closing entries?

Select one:
a. Revenue
b. Owner's Drawings

c. Expenses
d. Income summary?

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The correct answer is: Expenses

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Question 32
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Question text
An asset account appears on the right side of the accounting equation and is also increased on the
right side of its T account.
Select one:
a. True

b. False

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The correct answer is: False

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Question 33
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Question text
Accounting aims to communicate financial information to investors only.

Select one:
a. True

b. False

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The correct answer is: False

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Question 34
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Question text
Accounting involves communication.

Select one:

a. True
b. False

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The correct answer is: True

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Question 35
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Question text
Cash paid to a supplier for goods supplied by them on credit terms, is the entry to accounts payable
a debit or credit entry?

Select one:
a. Credit

b. Debit

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The correct answer is: Debit

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Question 36
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Question text
Which financial statement displays the revenues and expenses of a company for a period of time?

Select one:
a. Cash Flow
b. Balance sheet
c. Statement of Owner's Equity

d. Income Statement

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The correct answer is: Income Statement

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Question 37
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Question text
Accounting deals with quantifiable information.

Select one:

a. True
b. False

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The correct answer is: True

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Question 38
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Question text
The liabilities that are payable in more than a year and are not be liquidated from current assets.

Select one:
a. Current liabilities
b. All of the answers correct
c. Contingent liabilities

d. Fixed liabilities

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The correct answer is: Fixed liabilities

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Question 39
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Question text
Which of the following statements is false?

Select one:

a. Owner's equity can be bigger than the total assets.

b. Owner's equity cannot be bigger than the total assets.
c. Total liabilities can be bigger than the total assets.
d. Owner's equity can be bigger than the total liabilities

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The correct answer is: Owner's equity can be bigger than the total assets.

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Question 40
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Question text
Temporary accounts would include:

Select one:

a. Drawing, income and expenses

b. Capital, income and expenses
c. Capital, drawing and expenses
d. Capital, drawing and income

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The correct answer is: Drawing, income and expenses

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Question 41
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Question text
Accounting provides information on

Select one:
a. Financial conditions of an institution

b. All of the answers correct

c. Company's tax liability for a particular year
d. Cost and income for managers

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The correct answer is: All of the answers correct

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Question 42
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Question text
Amount generated from sales in a business is called:

Select one:

a. Income
b. Operating profit
c. Net income
d. Gross Profit

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The correct answer is: Income

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Question 43
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Question text
The debts which are to be repaid within a short period (year or less) are known as

Select one:
a. Contingent liabilities

b. Current liabilities
c. All of the answers correct
d. Fixed liabilities

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The correct answer is: Current liabilities

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Question 44
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Question text
Which of the following will not be reported in the statement of changes in equity?

Select one:
a. Additional investment of the proprietor
b. Balance of capital at the end of the period.
c. Net income during the period

d. Proceeds from the sale of the building

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The correct answer is: Proceeds from the sale of the building

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Question 45
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Question text
All of the following are characteristics of managerial accounting, except:

Select one:
a. Reports are used primarily by insiders rather than by persons outside of the business entity.
b. Information may be tailored to assist in specific managerial decisions.
Answer: C
c. Information must be developed in conformity with generally accepted accounting principles or with

income tax regulations.

d. Its purpose is to assist managers in planning and controlling business operations.

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The correct answer is: Information must be developed in conformity with generally accepted
accounting principles or with income tax regulations.

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Question 46
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Question text
A credit to an account always increases it: a debit to an account always deceases it.

Select one:

a. False
b. True

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The correct answer is: False

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Question 47
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Question text
Person who manages all of a firm's accounting activities.

Select one:
a. Accounting staff
b. Payroll manager

c. Controller
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The correct answer is: Controller

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Question 48
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Question text
It is usually used in connection with activities and events that result to the inflow of assets and/or
outflow of liabilities.

Select one:
a. Equity
b. Liabilities
c. Assets

d. Income

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The correct answer is: Income

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Question 49
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Question text
The term book keeping and accountancy can be used interchangeably.

Select one:
a. False

b. True

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The correct answer is: True

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Question 50
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Question text
The basic function of financial accounting is to

Select one:
a. Record all business transactions

b. Interpret financial data

c. Assist the management in performing functions effectively
d. No correct answer
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The correct answer is: Interpret financial data