FABM PERIODICAL

Who is considered the “Father of Accounting”?

• Adam Smith

• Luca Pacioli

• Benjamin Franklin

• John Maynard Keynes

Which of the following is NOT a branch of accounting?

• Financial Accounting

• Tax Accounting

• Auditing

• Engineering Accounting

The primary role of accounting is to:

• Reduce taxes

• Provide financial information for decision-making

• Maximize profits

• Forecast economic conditions

Who are the primary users of financial statements?

• Managers

• Investors

• Creditors

• All of the above

The principle that assumes a business will continue to operate indefinitely is called:

• Matching Principle

• Going Concern Principle

• Cost Principle

• Accrual Principle

Which of the following is NOT one of the types of businesses by ownership?

• Sole Proprietorship

• Partnership

• Franchise

• Corporation

GAAP stands for:

• Generally Accepted Accounting Practices

• Generally Accepted Accounting Principles

• Global Accounting and Auditing Policies

• General Analysis and Accounting Principles

Which accounting principle states that expenses should be recognized in the same period as the revenues they help generate?

• Matching Principle

• Cost Principle

• Consistency Principle

• Accrual Principle

What type of account is “Accounts Receivable”?

• Asset

• Liability

• Revenue

• Equity

Which is an example of a liability account?

• Cash

• Accounts Payable

• Equipment

• Owner’s Capital