Professional Documents
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DEPARTMENT OF EDUCATION
Region V-Bicol
Division of Masbate
AMADOR BELLO HIGH SCHOOL
Gangao, Baleno, Masbate
1st Semester, S/Y 2018-2019
T F 1. External Auditing deals with determining the operational efficiency whether the financial statements
Are presented fairly and in compliance with accounting standard.
T F 2. Statements are presented fairly and in compliance with accounting standards.
T F 3. The financial statements of a company should always be prepared in accordance with the generally
accepted accounting principles.
T F 4. The financial reports that direct management’s attention are the examples of control
Information.
T F 5. Accounting information are needed by the management only.
T F 6. Accounting Education “ addresses all aspects of the accounting information” using a scientific
method.
T F 7. Government Accounting deals with Taxes paid by government, the recording and of Inflow and
outflow of funds of the government.
T F 8. Internal Accounting is a service provided by public accounting.
T F 9. External users are individuals and organizations outside the company who want work Information
about the company.
T F 10. Managers, employees and owners are examples of external users.
II. MULTIPLE CHOICE – Read and understand the sentences and questions. Choose the correct answer by writing the
corresponding letter of the correct answer on your answer sheets:
_______ 11. Evaluate whether a branch of the business complies with the collection and deposit policy of the
Company.
A. Internal Accounting C. External Accounting
B. Managerial Accounting D. Tax Accounting
_______ 14. Analyse the feasibility of investing in a company to encur they can earn a reasonable return on their
Investment.
A. Creditors B. Customers C. Investors D. Regulatory Authorities
_______15. What information will that Management need that can be answered by accounting?
A. Income B. Sales C. Available cash D. All of the above
_______16. What is the number of the possible owners of Corporations?
A. 1 B. 2 or more C. 5 D. 5 or more
_______ 20. Simon wanted to start His dream sari-sari store business, The Capital needed is 50,000 PhP. He
only have 25,000Php cash savings. Juan offer to invest t his 25,000PhP and become part
owner of the sari-sari store. Assuming he agrees, The form of business organizations created is
called?
A. Sole Proprietorship C. Corporations
B. Partnership D. Incorporations
21-30 - Choose the correct answer below. Identify the type of business operations provided:
II. MATCHING TYPE – Match each term with its definition by writing the appropriate letter in the blank:
______ 31. All relevant information should be included in the financial reports.
______ 32. In case of doubt, assets and income should not be overstated
______ 33. Assume that the company will continue indefinitely.
______ 34. All transactions should be supported by unbiased evidence.
______ 35. Expenses should be recorded in the period when the revenue is generated.
______ 36. Minimal costs incurred should be recorded as an expenses.
______ 37. A Philippine company should report financial statement in pesos.
______ 38. A barber who performs services for a client should record revenue.
______ 39. Statement of Financial position should be recorded as of December 31, 2018.
______ 40. A company that purchases furniture should record it at its acquisition price.
III. SHORT ESSAYS : Discuss briefly ( one to two paragraphs) at the back of this sheet. Read the prompt directions
carefully. ( 5 points each )
41-45 Make an essay explaining why ACCOUNTING often referred to as a language of business ?
46-50 Is accounting important to you? Does it affect your daily activities? How?
PREPARED BY:
NOTED BY:
LOUIE D. ASUNCION____
SHST – IV/HEAD TEACHER
Republic of the Philippines
DEPARTMENT OF EDUCATION
Region V-Bicol
Division of Masbate
AMADOR BELLO HIGH SCHOOL
Gangao, Baleno, Masbate
1st Semester, S/Y 2018-2019
KEY ANSWERS
Fundamental of Accounting, Business and Management 1