Set A - FABM 1

1 It is composed of multiple steps that lead to common end goal.

A. Accounting B. Financial Statement C. Accounting as an Art D. Accounting Process

2 It is a way of performing something. It entails creativity and skills to help us attain some objectives.

A. Accounting as an Art B. Financial Statement C. Accountant D. Accounting Process

They defines accounting as “the process of identifying, measuring, and communicating economic
3 information to permit informed judgements and decisions
by the users of information.”

A. AICPA B.AAA C. PFRS. D. PAS

This is a branch of accounting primarily handling the recording of financial

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transaction of a business.

A. Tax Accounting B. Auditing C. Financial Accounting D. Management Accounting

This is a branch of accounting which focuses on the preparation of financial

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reports used by managers in their day-to-day decision-making.
A. Tax Accounting B. Government Accounting C. Financial Accounting D. Management
Accounting

6 Which of this does not include in Management Accounting Skill Set?

A. Strategy. B. Summarize. C. Communication. D. Analysis

7 What is GAA stands for?

A. General Appropriations Act. B. Government Accounting Act

C. General Accounting Act. D. Government Appropriations Act.

8 It is responsible for the keeping of the government’s general accounts.

A. DBM. B. BTr. C. COA. D.GAA

They are responsible for the formulation and implementation of the National Budget with the goals
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of attaining our national socio-economic plans and objectives.

A. DBM. B. BTr. C. NGAS. D.GAA

10 The role of the commission on Adult in government accounting proceed includes

A. Efficient and sound utilization of government funds

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 B. Keeping and updating the accounting books of the government

C. Management and distribution of government funds

D. Safekeeping of national funds

11 It is a is an unbiased examination and evaluation of the financial statements of an organization

A. Tax Accounting B. Auditing C. Financial Accounting D. Cost Accounting

12 It is a branch of accounting that deals with the creation of new knowledge.

A. Accounting Research B. Accounting Study. C. Accounting Process. D. Tax Accounting

13 They are the main source of income of businesses.

A. Creditors. B. Money. C. Customers D.Investors

14 They lend their resources usually money to the business in exchange for fee.

A. Creditors. B. Money. C. Customers D.Investors

15 They put their resources (usually money) in a business hoping to earn a decent amount of return.

A. Creditors. B. Bank. C. Customers D. Potential Investors

16 There main purpose is to regulate the business in the economy.

A. Customer B.Government. C.Employees D. Management

It is composed of employees within the company that can implement decisions affecting the
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company’s operations.

A. Customer B.Government. C.Employees D. Management

18 Which of the following does not include in Internal Users of Financial Statement?

A. Management. B.Stockholders. C. Employees. D. Investors

19 It an activity that is a cause of the incurrence of costs

A. Cost Accounting B. Cost Driver. C. Cost Object. D. Fixed Cost

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20 Costs that do not change within a relevant range of activity

A. Cost Accounting B. Cost Driver. C. Cost Object. D. Fixed Cost

21 Anything that you wish to find the cost

A. Cost Accounting B. Cost Driver. C. Cost Object. D. Fixed Cost

22 Costs that can economically be traced to a cost object

A. Direct Cost B. Cost Driver. C. Indirect Cost. D. Fixed Cost

Income should be recognized in the period when it is earned regardless of when the payment is
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received.

A. Matching Principles. B. Accounting Entity. C. Substance over form. D. Accrual Accounting

Statements about Tax Accounting; Statement I: Tax accounting follows the pronouncements of the
24 National Internal Revenue Code (NIRC). Statement II; Tax accounting records some financial
transactions in a different manner.

A. Only Statement I is True. B. Only Statement II is True

C. Both Statement is True. C. Both Statement is False

25 What AAA stands for?

A. American Accounting Association

B. American Accounting Administration

C. American Accountant Association

D. Association of American Accountant

26 Which of the following is NOT the fuction of Accounting?

A. Protecting properties of the business

B. Meeting legal requirements

C. Monitor spending and financial control

D. Keeping systematic record of business transactions

27 Statement about Sole Proprietorship.

Statement I: Sole proprietorships are much easier to establish than other forms of business
organization
Statement II: A sole proprietorship needs to go through a rigid registration process before it can
operate.

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 A. Only Statement I is True. B. Only Statement II is True

C. Both Statement is True. C. Both Statement is False

28 Statement about Partnership.

Statement I: Money is the only resource that a person contributes in a partnership.

Statement II: Two or more persons may also form a partnership for the exercise of profession

A. Only Statement I is True. B. Only Statement II is True

C. Both Statement is True. C. Both Statement is False

29 Which of the following is NOT included in the Forms of Partnership

A. Limited Partnership

B. Limited Liability Partnership

C. Limited Liability Company

D. Limited Company

30 Statement about Accounting Entity Assumption.

Statement I: According to the accounting entity assumption the business is separate from the
owners, managers, and employees operating the business.
Statement II: Personal transactions of an owner should also not affect the financial statements of
his or her businesses.

A. Only Statement I is True. B. Only Statement II is True

C. Both Statement is True. C. Both Statement is False

31 Statement about Substance over form

Statement I: Most of the time the substance of a transaction is differ from its legal form.

Statement II: Information presented in the financial statements of a company should not be
truthfully and faithfully represent the financial condition and financial performance of the country.

A. Only Statement I is True. B. Only Statement II is True

C. Both Statement is True. C. Both Statement is False

32 What is PFRS stands for?

A. Philippine Financial Representing Standards

B. Philippine Financial Reporting Standards

C. Philippine Financial Reports Statement

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 D. None of the above

33 IFRS stands for?

A. Intermediary Financial Reporting Standards

B. International Finance and Reporting Statement

C. International Financial Reporting Standards

D. None of the above

34 This is the resources that an entity owns in order to derive some future benefits.

A. Cash

B. Equity

C. Liabilities

D. Assets

35 This is the claims of the external parties from the entity.

A. Cash

B. Equity

C. Liabilities

D. Assets

36 This is the residual claims or net assets of the owners of an entity.

A. Cash

B. Equity

C. Liabilities

D. Assets

37 This represents amounts that are collectible from customers.

A. Inventories

B. Accounts Receivable

C. Intangible Assets

D. Unearned Revenue

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 38 The account of the equity represents the net investments of the business.

A. Revenue

B. Expenses

C. Cash

D. Capital

39 This is the obligation that the entity must pay external parties.

. A. Accounts Payable

B. Accounts Receivable

C. Intangible Assets

D. Unearned Revenue

40 Which of this is NOT an accounting equation?

A. Liabilities = Assets + Capital

B. Assets = Liablilities + Equity

C.Revenues – Expenses = Net Income / (Net Loss)

D. None of the Above.

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 Question

In this level, the salesperson voluntarily contacts the customer to ensure

1 that the product is in perfect condition and asks if it met the latter’s
expectations.

This is a service involves simultaneous production and consumption, so

2 there is
outright feedback.

The goal of the marketer is to create a bundle of supplementary services

3 that increases the value of the main product.

This is the type of customer that have needs that match the company’s
4 offerings.

A marketing organization cannot work alone without the support and

5 assistance of other departments.

While a service is inherently tangible, there should still be visible cues that
6 will indicate its quality.

Outsource their customer services to third party organizations to cater to

complaints and inquiries, promote their latest offering, and provide
7 technical support.

This is also called “direct sales” and is the most basic level of interaction
8 between the company and the customer.

Involves reaching a better understanding of the research problems and

9 identifying the variables to be measured.

10 Products and services that can offer similar benefits to your customer.

11 What is the meaning of R in SMART Principle?

The service in itself is the same but the way it is provided may differ from
12 time to time.

It is the set of activity, set of institution and processes for creating,

communicating, delivering, and
13 exchanging offerings that have value for customers, clients, partners, and
society at large.

It is a person or a business that buys goods and avail of services produced

14 or offered by a firm

It is an economic situation wherein there are many buyers for a limited

15 number of goods and services available in the market
 Are brands competing in the same industry, offering essentially the same
16 goods or services.

It is the process of collecting and analyzing data to address specific

17 problem

Gathers original information directly through surveys, experimental, field

tests, direct observations, focus group discussion and interview.
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The company works closely with a group of regular customers who provide
constructive feedback for the improvement of the product or services.
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This means a symbol, logo, words, or a combination of these elements that

a company uses to
20 distinguish its products or services from others.

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22 What are thee three Traditional Marketing Approach?

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24
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What are the 4 Utility Concept of Marketing?
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27
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29 There are Six aspects of the organization or 6C's, give 3

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Answer

Accountable Marketing

Inseparability

Product and its Elements

True friends

Cross- Functional Contact

Physical Evidence

Enhance customer service

Basic Marketing

Exploratory research

Competition

Relevant

Homogeneous

Marketing

Customer

Seller's Market
Direct Competitors

Marketing Research

Primary Research

Proactive Marketing

Brand

PRODUCTION CONCEPT

PRODUCT CONCEPT

SALES CONCEPT

Form Utility –

Place Utility –

Time Utility

Possession Utility

Consumer Content, . Company Capabilities,

Communication, Competition, Cross- Functional
Contact, and Community Contact