ACCOUNTANCY, BUSINESS and MANAGEMENT

Fundamental of Accountancy, Business and Management - I

Area/Specialization
Week 2 – ACTIVITY SHEET - 2
Name of Learner: Date:
Grade Level: 12 Section:

Accounting Concept and Principle, and Accounting Equations

Learning Competency: The learners..

explain the varied accounting concepts and principles,
solve exercises on accounting principles as applied in various cases,
illustrate the accounting equation,
perform operations involving simple cases with the use of accounting
equation.

Directions/Instruction: Multiple Choice: Select the best answer, write the letter
before number on the space provided, erasure means wrong.
1. This principle require business transactions to have some form of impartial supporting evidence
or documentation.
a. Materiality Principle b. Objectivity Principle c. Conservatism Principle
2. This principle states that given two options in the valuation of business transactions, the amount
recorded should be the lower rather than the higher values.
a. Materiality Principle b. Objectivity Principle c. Conservatism Principle
3. Business transaction that may affect the decision of a user of financial information are
considered important or material, and thus, must be reported properly.
a. Materiality Principle b. Objectivity Principle c. Conservatism Principle
4. This principles requires that expenses be matched with revenues.
a. Materiality Principle b. Matching Principle c. Conservatism Principle
5. Is recognized when the earning process is virtually complete and an exchange transaction has
occurred.
a. Materiality Principle b. Objectivity Principle c. Revenue Recognition Principle
6. PICPA – Philippine ________ of Certified Public Accountant
a. Income b. Institute c. Incorporation
7. ACPAE – Association of CPAs in _________.
a. Economy b. Education c. Entity
8. ACPACI – Association of CPAs in _______and Industry
a. Industry b. Commerce c. Incorporation
9. ACPAPP – Association of CPAs in _______Practice
a. Philippines b. Public c. Private
10. GACPA –_____________Association of CPAs
a. Government b. Good Government c. Answer not given
 11. PAMA – Philippine Association of ___________Accountants
a. Managerial b. Management c. Manager
12. ASC – Accounting Standard ____________.
a. Commission b. Council c. Center
13. PFRS – Philippine__________ Reporting Standard
a. Finance b. Financing c. Financial
14. SFAS – Statement__________ Accounting Standard
a. Finance b. Financing c. Financial
15. PRC – Philippine Regulation _____________.
a. Center b. Corporation c. Commission

Procedure
Pls follow the instruction carefully.
Questions
Rubrics for scoring: (if applicable)
Closure:
ACCOUNTANCY, BUSINESS and MANAGEMENT
Area/Specialization

Prepared by:
Name of Teacher – OMO A. ESTRADA
Subject/Area Handled: FABM – 1 for Grade 12