Name: DONNA KIESHA M.

BAUTISTA Date: JANUARY 26 2021

Strand: ABM 11
Quiz No. 1 – Fundamentals of ABM1
1. Using your own words, explain "Accounting".

For me, the first thing that comes to my mind when I heard the word “Accounting” is the financials
on a business. In my own understanding, Accounting has a big part in an organization or business
because it records and organize its financial information. Through accounting it can help and guides the
owners of a business to understand its financial operations, the transactions and cash flows.

2. How do you understand the term "Service Activity"?

The meaning of the term “Service activity” for me is we are providing or giving service to the people
using our own skills as well as knowledge and of course it has a fee. Like a doctor they use their skill and
knowledge to give cure to the people who are sick and of course it exchanges fee. In general, we give
service to earn money or income.

3. What is Economic Entities?

For me there are two meaning of Economic entities the first one is its all about a business
organization, it is a conjecture that an organization is utilizes or operating a business. The second one is,
it is a business that provides service to help or increase the economy of a country for example, hospitals,
corporation or manufacturing company and bank

4. Why is Accounting an art?

Accounting is an art because it involves or require our creativity and skills in financials to help us
achieve our goals in business

5. What quantitative information does accounting provide?

According to the module and to my own understanding, since the quantitative information is all about
numbers or measurements . The accounting provides quantitative information of a business like the
number of the profits, sales and cash so that the owners can compare it to each other to have a proper
and useful decision about their business.

6. Enumerate the 8 branches of Accounting.

Financial Accounting Cost Accounting

Management (or Managerial) Accounting Auditing

Government Accounting Accounting Research

Tax Accounting Accounting Education

 7. Who are the users of Accounting Information?

There are two types of users of accounting information the first type is the internal users of
accounting information (primary) which are the MANAGEMENT, OWNERS OR PARTNERS,
EMPLOYEES. The second type is the external users of accounting information (secondary) which are
the INVESTORS, LENDERS, REGULATORY AND TAX AUTHORITIES, CUSTOMERS,
SUPPLIERS and PUBLIC.

8. Who is the consider the father of accounting?

The father of accounting is Luca Pacioli

9. Where do ancient accounting early originate?

The ancient accounting early originate in early Mesopotamia

10. What book was published by the father of accounting?

The book of Summa de Aritmetica, Geometria, Proportioni et Proportionalita was published by Luca

Pacioli which was the father of accounting