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    Quiz No. 1 ACTG 21

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    xavy villegas
    This document is a quiz for a fundamentals of accounting course. It contains 10 multiple choice identification questions testing accounting terminology as well as questions asking to enumerate accounting users, advantages of business structures, and disadvantages of partnerships. The quiz tests foundational accounting concepts and vocabulary.

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    © All Rights Reserved
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    Quiz No. 1 ACTG 21

    Uploaded by

    xavy villegas
    35 views1 page
    This document is a quiz for a fundamentals of accounting course. It contains 10 multiple choice identification questions testing accounting terminology as well as questions asking to enumerate accounting users, advantages of business structures, and disadvantages of partnerships. The quiz tests foundational accounting concepts and vocabulary.

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    © © All Rights Reserved

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    DOC, PDF, TXT or read online from Scribd

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    This document is a quiz for a fundamentals of accounting course. It contains 10 multiple choice identification questions testing accounting terminology as well as questions asking to enumerate accounting users, advantages of business structures, and disadvantages of partnerships. The quiz tests foundational accounting concepts and vocabulary.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    35 views1 page

    Quiz No. 1 ACTG 21

    Uploaded by

    xavy villegas
    This document is a quiz for a fundamentals of accounting course. It contains 10 multiple choice identification questions testing accounting terminology as well as questions asking to enumerate accounting users, advantages of business structures, and disadvantages of partnerships. The quiz tests foundational accounting concepts and vocabulary.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    of 1

    ACTG 21: Fundamentals of Accounting

    Quiz No. 1

    Name: ________________________________ Date: ____________________


    Course & Section: _______________________

    I. Identification: Write the answer on the space provided. (No erasures.)

    ____________________ 1. Economic activity undertaken with the motive of earning profits and to maximize the wealth
    for the owners.
    ____________________ 2. The language of business.
    ____________________ 3. It reports changes in financial condition due to changes in retained earnings during a period.
    ____________________ 4. The financial condition of a business as of a point in time.
    ____________________ 5. Branch of accounting that focuses on the preparation of financial reports used by managers
    in their day-to-day decision making.
    ____________________ 6. It is an unbiased examination and evaluation of the financial statements of an organization.
    ____________________ 7. Branch of accounting that provides information for management accounting and financial
    accounting.
    ____________________ 8. The Latin word for Cooperative.
    ____________________ 9. It provide information useful to a wide range of users in their economic decisions.
    ____________________10. It encompasses the process of analyzing, recording, classifying, summarizing and
    communicating all transactions involving the receipt and disposition of government fund and property and interpreting
    result thereof.

    II. Enumerate the following:

    a) 4 Users of Accounting Information.


    b) 5 Advantage of a Sole Proprietorship.
    c) 5 Disadvantages of Partnership.
    d) 7 Advantages of Cooperative.

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