FABM 1 Quiz 1

It refers to the process of grouping similar transactions and events together.

• Analyzing

• Recording

• Classifying

• Summarizing

• Reporting

The process of identifying the relationships of various items in the financial statements and pointing out their effects and importance to decisions to be made by their users.

• Analyzing

• Recording

• Classifying

• Summarizing

• Interpreting

The process of determining the effects on the different accounts of the documented transactions and economic events

• Analyzing

• Recording

• Classifying

• Summarizing

• Reporting

The process of writing in the journal the effects, whether increases or decreases, of the analyzed transactions and events

• Recording

• Classifying

• Summarizing

• Reporting

• Interpreting

The process of preparing statements of financial position, statements of comprehensive income, statements of owner's equity and statements of cash flows

• Recording

• Classifying

• Summarizing

• Reporting

• Interpreting

The process of grouping accounts into five major account categories

• Recording

• Classifying

• Summarizing

• Reporting

• Interpreting

They are interested in the financial statements to determine the employer's stability, profitability and ability to pay their benefits

• employees

• lenders

• customers

• public

The manager of the company is an example of

• internal user

• external user

• a and b

• investor