SUMMATIVE TEST IN FUNDAMENTALS OF ABM1Encircle the best answer that corresponds to each item21. To become a CPA one must pass the CPA Licensure Exam by the government through the___? a. Professional Regulatory Commission c. Board of Accountancyb. Philippine Institute of Certified Public Accountantd. Commission on Audit 22. The present law governing practice of accounting in the philippines which is also known as the Accountancy Act of 2004? a. Republic Act 8424 b. Republic Act 9298 c. Republic Act 9892 d. Republic Act 3104 23. It mainly focuses on the proper custody of government funds and their purposes? a. Cost of Accounting c. Management Accounting b. Government Accounting d. Financial Accounting 24.Accounting is the process of identifying, measuring, & communicating economic information to permit informed judgments & decision by users of the information. a. American Accounting Association c. Financial Reporting Standards Council b.American Institute of Certified Public Accountants d. Accounting Standard Council 25. Its function is to provide qualitative information primarily financial in nature, about economic entities. a. American Accounting Association c. Financial Reporting Standards Council b. American Institute of Certified Public Accountants d. Accounting Standard Council 26 . Which of the ff. best describes the attributes of a Partnership? a.limited ability to raise capital; unlimited personal liability of owners b.limited ability to raise capital; limited personal liability of owners c.ability to raise large capital; unlimited personal liability of owners d.ability to raise large amounts; limited personal liability of owners 27. Which Accounting process is the recognition or non-recognition of business activities as "accountable" events? a. identifying b. communicating c. recording d. measuring 28. They need information to help them determine whether they should buy, hold or sell? a. Suppliers and trade creditors b. lenders c. customers d. investors 29. They are interested in information that enables them to determine whether their loans and related interest will be paid when due? a. Suppliers and trade creditors b. lenders c. customers d. investors 30 . What are the basic Accounting Elements?a. assets, liabilities and Owner's Equity c. both "a" and "b" b. Income & Expense d. neither "a" nor "b" 31. Financial reporting is concerned only with information that is significant enough to affect evaluation or decision. a. materiality b. timeliness c. comparability d. cost and benefit 32. It is the accounting standard setting body in the Philippines at the present time. a Accounting Standards Council b. Auditing and Assurance Standards Council c. Philippine Accounting Standards Board d. Financial Reporting Standards Council 33. The financial statements should be stated in terms of a common financial denominator. a. accrual basis b. going concern c. time period d. stable monetary unit 34. They are interested in information about the stability andprofitabilityoftheentity. a. customers b. employees c. public d. lenders 35. Accountants employed in entities in various capacity as accounting staff, chief accountant or controller are said to be engaged in a. Public accounting b. Private accounting c. Govemment accounting d. Financial accounting 36. It emphasizes the preparation and analysis of accounting information within the organization. It provides timely and relevant information for those internal users of accounting information. a. Auditing b.Financial accounting c. Tax accounting d. Management accounting 37. This type of business buys raw materials and uses them in making new products, therefore combining raw materials, labour and expenses into a product for sale later on. a. Merchandising business b. Service business c. Manufacturing business d. Buy and sale a. Professional Regulatory Commissionb. Philippine Institute of Certified Public Accountant21.To become a CPA, one must pass the CPA Licensure Exam given by the government throughc. Board of Accountancyd. Commmisson on Auditthec. Board of Accountancyd. Commmisson on Audita Professional Regulatory Commissionb. Philippine Institute of Certified Public Accountant22. The present law governing practice of Accounting in the Philippines which is also known as theAccountancy Act of 2004?a Republic Act 842423. It mainly focuses on the proper custody of government funds and their purposes?a. Cost of Accountingb. Government Accountingb. Republic Act 9298c. Republic Act 9892d. Republic Act 3104c. Management Accountingd. Financial Accounting24. Accounting is the process of identifying, measuring, & communicating economic infonmation to permit informedjudgments & decision by users of the information.a. American Accounting Associationb. American Institute of Certified Public Accountantsc. Financial Reporting Standards Councild. Accounting Standard Council25. Its function is to provide qualitative information primarily financial in nature, about economic entities.a. American Accounting Associationb. American Institute of Certified Public Accountantsc. Financial Reporting Standards Councild. Accounting Standard Council26. Which of the ff. best describes the attributes of a Partnership?a limited ability to raise capital; unlimited personal liabiity of ownersb. limited ability to raise capital; limited personal liability of ownersC. ability to raise large capital; unlimited personal liability of ownersd. ability to raise large amounts; limited personal liability of owners27. Which Accounting process is the recognition or non-recognition of business activities as "accountable" events?a identifying28. They need information to help them determine whether they should buy, hold or sell?a. Suppliers and trade creditors29. They are interested in information that enables them to determine whether their loans andrelated interest will be paid when due?a. Suppliers and trade creditors30. What are the basic Accounting Elements?a. assets, liabilities and Owner's Equityb. Income & Expense31. Financial reporting is concemed only with information that is significant enough to affect evaluation or decision.a. materiality32. It is the accounting standard setting body in the Philippines at the present time.a. Accounting Standards Councilb. Auditing and Assurance Standards Councilc. Philippine Accounting Standards Boardd. Financial Reporting Standards Council33. The financial statements should be stated in terms of a common financial denominator.b. communicatingc. recordingd. measuringb. lendersC. customersd. investorsb. lendersC. customersd. investorsc. both "a" and ""d. neither "a" nor "b"77b. timelinessC. comparabilityd. cost and benefita accrual basisb. going concem34. They are interested in information about the stability and profitability of the entity.c. time periodd. stable monetary unita customersb. employeesc. publicd. lenders35. Accountants employed in entities in various capacity as accounting staff, chief accountant or controller are saidto be engaged ina. Public accountingaccountingb. Private accounting c. Govermment accountingd.Financial36. It emphasizes the preparation and analysis of accounting information within the organization. It provides timelyand relevant information for those internal users of accounting information.a Auditing37. This type of business buys raw materials and uses them in making new products, therefore combining rawmaterials, labour and expenses into a product for sale later on.a. Merchandising business b. Service businessb.Financial accountingc. Tax accountingd. Management accountingc. Manufacturing businessd. Buy and sale

Question

SUMMATIVE TEST IN FUNDAMENTALS OF ABM1Encircle the best answer that corresponds to each item21. To become a CPA one must pass the CPA Licensure Exam by the government through the___? a. Professional Regulatory Commission c. Board of Accountancyb. Philippine Institute of Certified Public Accountantd. Commission on Audit  22. The present law governing practice of accounting in the philippines which is also known as the Accountancy Act of 2004? a. Republic Act 8424 b. Republic Act 9298 c. Republic Act 9892 d. Republic Act 3104 23. It mainly focuses on the proper custody of government funds and their purposes? a. Cost of Accounting c. Management Accounting b. Government Accounting d. Financial Accounting 24.Accounting is the process of identifying, measuring, & communicating economic information to permit informed judgments & decision by users of the information. a. American Accounting Association c. Financial Reporting Standards Council b.American Institute of Certified Public Accountants d. Accounting Standard Council 25. Its function is to provide qualitative information primarily financial in nature, about economic entities. a. American Accounting Association c. Financial Reporting Standards Council b. American Institute of Certified Public Accountants d. Accounting Standard Council  26 . Which of the ff. best describes the attributes of a Partnership? a.limited ability to raise capital; unlimited personal liability of owners b.limited ability to raise capital; limited personal liability of owners c.ability to raise large capital; unlimited personal liability of owners d.ability to raise large amounts; limited personal liability of owners 27. Which Accounting process is the recognition or non-recognition of business activities as &#34;accountable&#34; events? a. identifying b. communicating c. recording d. measuring 28. They need information to help them determine whether they should buy, hold or sell? a. Suppliers and trade creditors b. lenders c. customers d. investors 29. They are interested in information that enables them to determine whether their loans and related interest will be paid when due? a. Suppliers and trade creditors b. lenders c. customers d. investors  30 . What are the basic Accounting Elements?a. assets, liabilities and Owner's Equity c. both &#34;a&#34; and &#34;b&#34; b. Income & Expense d. neither &#34;a&#34; nor &#34;b&#34; 31. Financial reporting is concerned only with information that is significant enough to affect evaluation or decision. a. materiality b. timeliness c. comparability d. cost and benefit 32. It is the accounting standard setting body in the Philippines at the present time. a Accounting Standards Council b. Auditing and Assurance Standards Council c. Philippine Accounting Standards Board d. Financial Reporting Standards Council 33. The financial statements should be stated in terms of a common financial denominator.  a. accrual basis b. going concern c. time period d. stable monetary unit 34. They are interested in information about the stability andprofitabilityoftheentity.  a. customers b. employees c. public d. lenders 35. Accountants employed in entities in various capacity as accounting staff, chief accountant or controller are said to be engaged in a. Public accounting b. Private accounting c. Govemment accounting d. Financial accounting 36. It emphasizes the preparation and analysis of accounting information within the organization. It provides timely and relevant information for those internal users of accounting information. a. Auditing b.Financial accounting c. Tax accounting d. Management accounting 37. This type of business buys raw materials and uses them in making new products, therefore combining raw materials, labour and expenses into a product for sale later on. a. Merchandising business b. Service business c. Manufacturing business d. Buy and sale a. Professional Regulatory Commissionb. Philippine Institute of Certified Public Accountant21.To become a CPA, one must pass the CPA Licensure Exam given by the government throughc. Board of Accountancyd. Commmisson on Auditthec. Board of Accountancyd. Commmisson on Audita Professional Regulatory Commissionb. Philippine Institute of Certified Public Accountant22. The present law governing practice of Accounting in the Philippines which is also known as theAccountancy Act of 2004?a Republic Act 842423. It mainly focuses on the proper custody of government funds and their purposes?a. Cost of Accountingb. Government Accountingb. Republic Act 9298c. Republic Act 9892d. Republic Act 3104c. Management Accountingd. Financial Accounting24. Accounting is the process of identifying, measuring, & communicating economic infonmation to permit informedjudgments & decision by users of the information.a. American Accounting Associationb. American Institute of Certified Public Accountantsc. Financial Reporting Standards Councild. Accounting Standard Council25. Its function is to provide qualitative information primarily financial in nature, about economic entities.a. American Accounting Associationb. American Institute of Certified Public Accountantsc. Financial Reporting Standards Councild. Accounting Standard Council26. Which of the ff. best describes the attributes of a Partnership?a limited ability to raise capital; unlimited personal liabiity of ownersb. limited ability to raise capital; limited personal liability of ownersC. ability to raise large capital; unlimited personal liability of ownersd. ability to raise large amounts; limited personal liability of owners27. Which Accounting process is the recognition or non-recognition of business activities as &#34;accountable&#34; events?a identifying28. They need information to help them determine whether they should buy, hold or sell?a. Suppliers and trade creditors29. They are interested in information that enables them to determine whether their loans andrelated interest will be paid when due?a. Suppliers and trade creditors30. What are the basic Accounting Elements?a. assets, liabilities and Owner's Equityb. Income & Expense31. Financial reporting is concemed only with information that is significant enough to affect evaluation or decision.a. materiality32. It is the accounting standard setting body in the Philippines at the present time.a. Accounting Standards Councilb. Auditing and Assurance Standards Councilc. Philippine Accounting Standards Boardd. Financial Reporting Standards Council33. The financial statements should be stated in terms of a common financial denominator.b. communicatingc. recordingd. measuringb. lendersC. customersd. investorsb. lendersC. customersd. investorsc. both &#34;a&#34; and &#34;&#34;d. neither &#34;a&#34; nor &#34;b&#34;77b. timelinessC. comparabilityd. cost and benefita accrual basisb. going concem34. They are interested in information about the stability and profitability of the entity.c. time periodd. stable monetary unita customersb. employeesc. publicd. lenders35. Accountants employed in entities in various capacity as accounting staff, chief accountant or controller are saidto be engaged ina. Public accountingaccountingb. Private accounting c. Govermment accountingd.Financial36. It emphasizes the preparation and analysis of accounting information within the organization. It provides timelyand relevant information for those internal users of accounting information.a Auditing37. This type of business buys raw materials and uses them in making new products, therefore combining rawmaterials, labour and expenses into a product for sale later on.a. Merchandising business b. Service businessb.Financial accountingc. Tax accountingd. Management accountingc. Manufacturing businessd. Buy and sale

Accepted Answer

Comment: The Question is Multiple type, so SME will answer only one question as per Bartleby…