LONG QUIZ

Question 1

the listings of such as the following were noted,
distributions to the people, grants of land, building of temples, money to military veterans, religious offerings,
money spent on theatrical shows and gladiator events

Answer 1

“The Deeds of the Divine Augustus” by Emperor Augustus

Question 2

According to ____, accounting is an art.

Answer 2

AICPA

Question 3

______ follows a series of steps.

Answer 3

Accounting

Question 4

it entails a behavioral knowledge which requires creativity and skill on the part of
those who will carry out the accounting process or cycle

Answer 4

Accounting is an ART

Question 5

_______ involves the assessment of whether a transaction is considered a “business
transaction or accountable event”.

Answer 5

Identification of accounts

Question 6

____ roots introduced the terms debitum (debit) which means “what is due” and creditum (credit) “something
entrusted to another or a loan”.

Answer 6

Latin

Question 7

what is due

Answer 7

debit

Question 8

“something
entrusted to another or a loan”

Answer 8

credit

Question 9

the Father of Accounting.

Answer 9

Luca Pacioli

Question 10

______ book became the reference text and teaching tool on the subjects of bookkeeping and accounting
for the next several hundred years that has a content of plus and minus

Answer 10

Luca Pacioli’s (Details of Calculation and Recording)

Question 11

The earliest accounting records were found over __________ in ___________.

Answer 11

7,000 years ago among the Ancient Mesopotamia

Question 12

The primary goal of accounting

Answer 12

provide useful financial information for decision-making.

Question 13

There are ____ functions of accounting.

Answer 13

Five

Question 14

this branch of accounting deals with developing future accountants by creating
relevant accounting curriculum

Answer 14

Accounting Education

Question 15

it focuses on the search for new knowledge on the effects of economic events

Answer 15

Accounting Research

Question 16

this involves the independent examination of financial statements for the purpose of expressing an
opinion on the fairness of the said statements prepared by the company under audit

Answer 16

Auditing

Question 17

it is the recording, presentation, and analysis of manufacturing costs and manufacturing
units.

Answer 17

Cost Accounting

Question 18

is the broadest branch and is focused on the needs of external (outside) users and is
primarily concerned with processing historical data

Answer 18

Financial Accounting

Question 19

is the process of recording, analyzing, classifying, summarizing, communicating and
interpreting financial information about the government in aggregate and in detail reflecting transactions and
other economic events involving the receipt, spending, transfer, usability and disposition of assets and
liabilities. This branch of accounting deals with how the funds of the government are recorded and reported

Answer 19

Government Accounting

Question 20

management accounting emphasizes the preparation and analysis of accounting
information within the internal users of the organization.

Answer 20

Management Accounting

Question 21

tax accounting helps clients follow rules set by tax authorities; it is set to follow the tax laws.

Answer 21

Tax Accounting

Question 22

Different Types of External Users:

Answer 22

1. Creditors/lenders
2. customers
3. government and its agencies
4. investors and stockholders
5. public
6. suppliers

Question 23

Different Types of Internal Users

Answer 23

1. employees
2. managers
3. owners

Question 24

needs information to help them in assessing the business ability to repay its loan
and interest when they fall due.

Answer 24

creditors/lenders

Question 25

are the ones who purchases a commodity or a service

Answer 25

customers

Question 26

these users require financial information to regulate the activities of the enterprise, determine taxation policies and as basis for national income statistics.

Answer 26

government and its agencies

Question 27

need information on risk and return for their investments.

Answer 27

invetors and stockholders

Question 28

may provide the community with the trends and recent developments in the prosperity of the company

Answer 28

public

Question 29

it is an entity that provides goods and services to another organization

Answer 29

suppliers

Question 30

an employee is an individual who works for someone else in exchange for compensation

Answer 30

employees

Question 31

basically, managers are the ones who provide, plan and control somehow the operation of the business

Answer 31

managers

Question 32

a person or group of people who provide capital to a business. They assess if the capital investment are profitable or not, and whether to grant or not additional compensation to their employees.

Answer 32

owners

Question 33

firm owned, controlled, and operated by a group of users for their own benefit. Each member contributes equity capital, and shares in the control of the firm on the basis of one-member, one vote principle

Answer 33

Cooperative

Question 34

company which has a maximum of 15 members as an owner

Answer 34

corporation

Question 35

It raises capital by issuing certificates of ownership called” stocks” or “shares” to interests persons

Answer 35

corporation

Question 36

- A person who bought shares - a part owner of a corporation to the extent of the number of his shares

Answer 36

shareholder

Question 37

It is an association of two or more (2-4) persons who bind themselves to contribute money, property or industry to a common fund, with the intention of dividing the profits among themselves.

Answer 37

partnership

Question 38

It is a business owned by only an individual called the “proprietor”.

Answer 38

single/sole proprietorship