MIDTERM - FABM 1

MIDTERM - FABM 1

11th Grade

14 Qs

quiz-placeholder

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MIDTERM - FABM 1

MIDTERM - FABM 1

Assessment

Quiz

Special Education, Other

11th Grade

Practice Problem

Medium

Created by

Hazel Cabuenas

Used 202+ times

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14 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Verification is NOT a step in the accounting process.

TRUE

FALSE

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Luca Pauloi is considered the father of modern accounting

TRUE

FALSE

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

C.P.A. stands for Certified Private Accountant.

TRUE

FALSE

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Accounting is a set of rules and methods by which economic information of a business is collected and made into reports that are useful to end-users. A drawing account is increased by debits and decreased by credits.

TRUE

FALSE

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Inventory is recorded at the lower of cost or net realizable value rather than the expected selling price. This ensures profit on the sale of inventory is only realized when the actual sale takes place.

Going Concern

Materiality Concept

Prudence Concept

History Cost

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Financial statements are prepared with the expectation that a business will remain in operation indefinitely.

Going Concern

Materiality Concept

Prudence Concept

History Cost

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

GAAP stands for:

Generally Accepted Auditing Procedures

Generally Accepted Accounting Procedures

Generally Accepted Accounting Principles

Generally Auditing Accounting Principles

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