FABM QUIZ

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

• Classifying

• Interpreting

• Summarizing

• Reporting

The process of explaining the relationships of the different items in the financial statements.

• Classifying

• Interpreting

• Reporting

• Summarizing

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

• Summarizing

• Interpreting

• Classifying

• Reporting

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

• Recording

• Summarizing

• Classifying

• Interpreting

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 user

• Analyzing

• Classifying

• Interpreting

• Summarizing

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

• Analyzing

• Interpreting

• Summarizing

• Recording

The father of Accounting is Luca Pacioli.

• TRUE

• FALSE

All record-keeping of business transactions uses double-entry bookkeeping.

• TRUE

• FALSE

Accounting is composed of ______ processes.

• 6

• 5

• 4

• 3

All business transactions are measured and recorded using

only one unit of measurement.

• Monetary unit.

• Faithful representation

• Actual basis of accounting.

• Time period