Name: Renzy Carlo R.

Morte Section : BSIT 2-3

QUIZ 1: TRUE OR FALSE

TRUE1. Only accountable events are recorded in the accounting books.

TRUE2. Accounting is a service activity.

TRUE3. Although bookkeeping and accounting are interrelated, they are not the same.

TRUE4. The purpose of accounting is to provide information that is useful in making economic

decisions.

TRUE5. Accounting is often referred to as the “language of business” because it is fundamental

to the communication of financial information.

FALSE6. Marketing is the process of establishing common objectives, coordinating efforts

towards those objectives, and efficiently and effectively utilizing available resources

in order to achieve certain goals.

TRUE7. Accounting can be traced as far back as the prehistoric times.

FALSE8. Directing involves motivating, communicating, guiding and encouraging personnel.

TRUE9. Accounting is as old as civilization and has evolved in response to economic and social

needs of men.

TRUE10. Fra Luca Pacioli is the mother of modern accounting.

QUIZ 2: TRUE OR FALSE

TRUE1. The functions of a manager include planning, organizing, staffing, directing, and

controlling.

TRUE2. A transaction or event is recorded in the accounting records only if it has an effect

on the assets, liabilities, equity, income or expenses of the business.

FALSE3. Planning involves motivating, communicating, guiding, and encouraging

personnel.

TRUE4. Bookkeeping normally ends with the preparation of the trial balance.
FALSE5. Directing is the process of screening, hiring, and training employees.

TRUE6. Organizing involves assigning responsibilities and granting authority to personnel and staffs.

TRUE7. Finance refers to how a business generates and manages its funds.

TRUE8. Account is the basic storage of information in accounting.

FALSE9. Posting is the process of classifying the effects of recorded events on the accounts.

TRUE10. Recording is the accounting process in which financial statements are prepared.

QUIZ 3: MULTIPLE CHOICE

1. The main purpose of accounting is

a. to account for money so it will not be lost.

b. to provide information that is useful in making economic decisions.

c. to safeguard the assets of a company.

d. to provide a clear view of the state of the industry’s economy.

Debiting 2. This process refers to the reporting of the information processed in the accounting system to
interested users.

a. Measuring

b. Identifying

c. Communicating

d. Classifying

Bookkeeping 3. In accounting, the term “recording” is also called

a. journalizing

b. communicating

c. debiting

d. videoing
4. Which of the following statements regarding the recording of events is valid?

a. Only non-accountable events are recorded in the accounting books

b. Only accountable events are recorded in the accounting books

c. Both non-accountable and accountable events are recorded in the accounting books

d. Neither non-accountable nor accountable events are recorded in the accounting books

5. Statement I: Financial information is information expressed in terms of money.

Statement II: Financial information is always qualitative information.

a. True; False

b. False; True

c. True; True

d. False; False