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    Summative Test No. 1 (Fabm g11)

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    robelyn verano
    The document is a quiz for a grade 11 accounting class that covers topics in the fundamentals of accounting, business, and management. It contains 15 multiple choice questions testing students' knowledge of the definition of accounting, the accounting process, key people and developments in the history of accounting, the purpose of accounting, and the nature and standards of accounting. It also includes a assignment for students to creatively make a timeline of the major events in the origin and development of the field of accounting.

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    © All Rights Reserved
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    Summative Test No. 1 (Fabm g11)

    Uploaded by

    robelyn verano
    140 views3 pages
    The document is a quiz for a grade 11 accounting class that covers topics in the fundamentals of accounting, business, and management. It contains 15 multiple choice questions testing students' knowledge of the definition of accounting, the accounting process, key people and developments in the history of accounting, the purpose of accounting, and the nature and standards of accounting. It also includes a assignment for students to creatively make a timeline of the major events in the origin and development of the field of accounting.

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    The document is a quiz for a grade 11 accounting class that covers topics in the fundamentals of accounting, business, and management. It contains 15 multiple choice questions testing students' knowledge of the definition of accounting, the accounting process, key people and developments in the history of accounting, the purpose of accounting, and the nature and standards of accounting. It also includes a assignment for students to creatively make a timeline of the major events in the origin and development of the field of accounting.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    140 views3 pages

    Summative Test No. 1 (Fabm g11)

    Uploaded by

    robelyn verano
    The document is a quiz for a grade 11 accounting class that covers topics in the fundamentals of accounting, business, and management. It contains 15 multiple choice questions testing students' knowledge of the definition of accounting, the accounting process, key people and developments in the history of accounting, the purpose of accounting, and the nature and standards of accounting. It also includes a assignment for students to creatively make a timeline of the major events in the origin and development of the field of accounting.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 3

    MASBATE POLYTECHNIC AND DEVELOPMENT COLLEGE, INC.

    Poblacion, Baleno, Masbate


    SHS Department

    Name: ___________________________ Score: ________________________

    Quiz No. 1 in Fundamentals of Accountancy, Business and Management


    (Intended for Grade 11-ABM)
    Multiple Choice. Direction: Read each item or question carefully. Choose and encircle the letter of the
    correct answer.

    1. Which of the following is a correct listing of the steps in the accounting process?
    a. identifying, recording, communicating
    b. identifying, segregating, communicating
    c. segregating, recording, verifying

    2. Accounting serves as channel of success for businesses. What nature of accounting


    is meant by this?
    a. Accounting is a process. c. Accounting is a means not an end.
    b. Accounting is an art. d. Accounting is an information system.

    3. Who signed the royal charter for the Institute of Accountants in Glasgow.
    a. Luca Pacioli c. Phoenician
    b. Queen Victoria d. Egyptian Traders

    4. Which among the steps in the accounting process is most important?


    a. Identifying c. Communicating
    b. Recording d. All are equally important.

    5. Which of the following business transactions is not financial in nature?


    a. Company A borrowed money from bank to buy additional equipment.
    b. Company B hired employees.
    c. Company C sold P10,000 worth of inventories.
    d. Company D paid its hired employees for the month of November.

    6. Which of the following statements is NOT correct?


    a. Luca Pacioli is considered as the father of modern accounting.
    b. Today, accounting rules and standards are available to help accountants in the practice of their
    profession.
    c. In 2006, Philippines have fully complied with the IFRS.
    d. Phoenicians invented an alphabet with accounting to avoid being cheated by Egyptians in their
    trading.

    7. Accounting being a service activity is applicable only to businesses rendering services.


    a. The statement is true.
    b. The statement is false.
    8. There is only one definition of accounting that can be considered acceptable.
    a. The statement is true.
    b. The statement is false.
    9. Accountants communicate the summarized results of all company financial events to interested parties
    to help them in ________.
    a. making relevant decisions c. selling products
    b. choosing job applicants d. extending the life of the business

    10. Accounting keeps a record of all financial transactions done by the company period after period.
    What nature of accounting is shown in this?
    a. Accounting is a process. c. Accounting is an art.
    b. Accounting is a means rather than an end. d. Accounting is an information system.

    11. Which of the following is a chronologically ordered listing of accounting history events?
    a. Income of temples was recorded in lower Mesopotamia → Origination of the profession of chartered
    accountants in Scotland → Invention of the first bead and wire abacus by the Egyptians
    b. Creation of alphabet with accounting by the Phoenicians → Formulation of GAAP, PAS and IFRS →
    Luca Pacioli wrote a book that introduced double-entry bookkeeping
    c. Income of temples was recorded in lower Mesopotamia → Creation of alphabet with accounting by the
    Phoenicians → Luca Pacioli wrote a book that introduced double-entry bookkeeping
    d. None of the above

    12. The PAS, GAAP and IFRS are accounting ________.


    a. steps c. standards
    b. features d. events

    13. Two of that which accountants must possess are mathematical skill and analytical skill. This
    statement presents what feature of accounting?
    a. Accounting is a process. c. Accounting is an art.
    b. Accounting is a means rather than an end. d. Accounting is an information system.

    14. One of the features of accounting is that it is concerned with financial information and transactions.
    Which of the following is not similar in meaning with the underlined phrase?
    a. economic information c. money matters
    b. material information d. managerial information

    15. Accounting is considered a ship that carries the company to its destination. What feature of
    accounting is meant by this?
    a. Accounting is a process. c. Accounting is an art.
    b. Accounting is a means rather than an end. d. Accounting is an information system.
    TEST II. Were you amazed by when and how accounting started? As your final task, make a timeline
    of the history/origin and developments of accounting. Do it as creatively as you can using any tools
    available at home. Utilize a separate sheet for this task. Do it with fun!

    1. Luca Pacioli wrote his Summa de Arithmetic, Geometria, Proportioni et Proportionalita which introduced
    double-entry bookkeeping in 1400s.
    2. A remarkable leap in accounting took place in the 19th century when Queen Victoria of Scotland gave a
    royal charter to the Institute of Accountants in Glasgow.
    3. Philippines has started to be completely compliant with the International Financial Reporting standards to
    the present.
    4. Egyptians invented the abacus of bead and wire and were making and keeping accounting records.
    5. The beginning of accounting can be traced back to income calculation and taxation activities of Ancient
    Mesopotamia

    History of Accounting

    When did accounting begin?

    It is said that the beginning of accounting can be traced back to as early as when people
    learned to trade, tax and develop a system of counting money. According to history, in 4000B
    B.C., the income of temples was recorded in lower Mesopotamia. The Phoenicians also in
    1000 B.C. created an alphabet with accounting to help them in their trades with the ancient
    Egyptians and avoid being cheated. In 500 B.C. history recorded the invention of the first bead
    and wire abacus by the Egyptians who were already making and keeping accounting records
    during the time.

    In the 14th century, Luca Pacioli became a prominent person in accounting history due
    to writing a book that introduced and disseminated the double-entry bookkeeping. The Summa
    de Arithmetica, Geometria, Proportioni et Proportionalita of Pacioli is the first book to
    introduce bookkeeping. Pacioli is considered as the father of modern accounting.

    Another event in accounting history and development took place in Scotland in the
    19th century where the modern profession of chartered accountants originated. This became
    possible by the granting of Queen Victoria of a royal charter to the Institute of Accountants in
    Glasgow.

    Currently, accounting standards are available to provide guidance to accountants in


    their professional practice. Some of these are the Philippine Accounting Standards (PAS), the
    Generally Accepted Accounting Principles (GAAP), and the International Financial Reporting
    Standards (IFRS). Since 2005, the Philippines became completely compliant with the IFRS.
    Currently, accounting standards are available to provide guidance to accountants in their
    professional practice. Some of these are the Philippine Accounting Standards (PAS), the

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