QUIZ NO.

1. Branch of accounting primarily handling the recording of financial transactions of a business.

a. Financial Accounting
b. Management Accounting
c. Cost Accounting
d. Auditing
2. One of the differences of financial accounting from management accounting is
a. Financial accounting are beneficial to external users only.
b. Financial accounting can be used by internal users only
c. Financial accounting produces reports known as the financial statements.
d. Financial accounting, unlike management accounting, primarily aims to help
managers in their decision- making
3. Information produced by this branch of accounting aims to educate students in the field of
accountancy.
a. Accounting Education
b. Accounting Research
c. Financial Accounting
d. Management Accounting
4. Financial statements that undergo the process of auditing are called
a. Audited Financial Statements
b. Certified Financial Statements
c. Qualified Financial Statements
d. Financial Statements; as is
5. Financial Accounting is concerned with
a. General purpose financial statements
b. Special purpose financial statements
c. Tax returns
d. Management reports
6. Financial accounting reports primarily to
a. Government agencies
b. Taxing authorities
c. Top management of the company
d. Creditors and investors
7. The frequency of reports generated by management accounting can be best described as
a. Annually
b. Quarterly
c. Semi-annually
d. Whenever management demands
8. These are cost that do not change in total amount with in a relevant range of activity
a. Variable cost
b. Fixed cost
c. Direct cost
d. Indirect cost

9. Which government agency is responsible for the keeping of the national funds of the government?
a. Bureau of Treasury
b. Department of Budget and Management
c. Commission on Audit
d. Department of Education
10. This branch of accounting focuses on creating value for the business by
providing information used in the financial accounting and management
accounting fields.
 a. Accounting Education
b. Cost accounting
c. Tax accounting
d. Auditing
11. Which of the following is true about the board exam of accountancy students?
a. In order to pass, a student needs to achieve a general average of at least 75%.
b. All in all, there are a total of six subjects in the board exam.
c. In order to pass, a student should not get a rating below 60% in any of the
subjects.
d. A and c only
12. The role of the Commission on Audit in the government accounting process includes
a. Efficient and sound utilization of government funds
b. Keeping and updating the accounting books of the government
c. Management and distribution of government funds
d. Safekeeping of the national funds
13. Which of the following agency is not charged with government accounting responsibility?
a. Government agencies
b. Bureau of Treasury
c. Legislative Department
d. Commission on audit
14. Which of the following can be considered as an internal user?
a. Board of Directors
b. Creditors
c. Investors
d. Customers
15. These are the resources sacrificed to achieve an objective.
a. Expenses
b. Costs
c. Benefits
d. Revenues
16. Focuses on the preparation of reports for use of managers in their decision-making.
a. Management Accounting
b. Government Accounting
c. Financial Accounting
d. Cost Accounting

17. Examines and evaluates financial statements of a company independently.

a. Auditing
b. Tax Accounting
c. Financial Accounting
d. Cost Accounting
18. Tasked with the creation of new accounting knowledge.
a. Accounting Research
b. Accounting Education
c. Management Accounting
d. Bachelor of Science in Accountancy
19. Which of the following is a purpose of auditing?
a. To ensure that the financial statements are free from errors
b. To check the presentation of the financial statements
c. To enhance the credibility of the financial statements
d. None of the above
20. Which of the following can be considered as an external user?
a. Manager
b. Board of Director
c. Employees
d. Customers