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Acccob 2 QUIZ1 SET B WITH Answers
Accounting (De La Salle University)
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Downloaded by john kibathi ()
, lOMoARcPSD|28878502
Accountancy Department
ACCCOB2 Quiz No. 1
3rd Term, AY 2022-2023
SET B
NAME: _______________________________________________ Section ________________
ID NUMBER: __________________________________________
GENERAL INSTRUCTIONS. (Points will be deducted for any violation.)
1. Write your name, ID number and section on the test questionnaire and worksheet or scannable form.
2. Shade HEAVILY the scannable form using BLACK BALLPEN ONLY.
3. Do not detach any portion of the questionnaire.
4. Anyone caught cheating will have a grade of 0.0 in the course.
5. iPods, cellular phone, laptops and other similar gadgets and communication devices are not allowed
during the quiz.
6. Read the instructions carefully before you start.
7. Any questions regarding the quiz shall be addressed directly to the faculty only.
8. The quiz is good for 1 hour and 30 minutes.
God bless everyone!
TRUE OR FALSE. Shade heavily the letter of your choice. STRICTLY NO ERASURES. (1 pt. each)
1. The statement of financial position is useful for all of the following except
a. To analyze liquidity and solvency
b. To evaluate capital structure
c. To determine increase in cash due to operations
d. To assess future cash flows
2. What is the accounting concept that justifies the usage of accruals and deferrals?
a. Going concern c. Consistency
b. Materiality d. Stable Monetary unit
3. Which of the following is an internal user of financial information?
a. Board of Directors c. Holder of the entity’s bonds
b. Shareholder in the entity d. Supplier Creditor of the entity
4. After preparing the Bank Reconciliation Statement, which of the following Cash balance should appear
in the Current Assets Portion of the Statement of Financial Position as of reporting date?
a. Adjusted cash balance per bank c. Either a or b
b. Adjusted cash balance per book d. Neither a nor b
5. Which of the following statements in relation to information needs is true?
I. Information that meets the needs of specified primary users is likely to meet the needs of
other users, such as employees, customers, governments and their agencies, and the public.
II. The management is also interested in financial information but it need not rely on general
purpose financial reports because it can access additional information internally.
a. I only c. Both I and II
b. II only d. Neither I nor II
6. Which of the following statements best describes the term “financial position”?
a. The net income and expenses of an entity
Acccob 2 QUIZ1 SET B WITH Answers
Accounting (De La Salle University)
Studocu is not sponsored or endorsed by any college or university
Downloaded by john kibathi ()
, lOMoARcPSD|28878502
Accountancy Department
ACCCOB2 Quiz No. 1
3rd Term, AY 2022-2023
SET B
NAME: _______________________________________________ Section ________________
ID NUMBER: __________________________________________
GENERAL INSTRUCTIONS. (Points will be deducted for any violation.)
1. Write your name, ID number and section on the test questionnaire and worksheet or scannable form.
2. Shade HEAVILY the scannable form using BLACK BALLPEN ONLY.
3. Do not detach any portion of the questionnaire.
4. Anyone caught cheating will have a grade of 0.0 in the course.
5. iPods, cellular phone, laptops and other similar gadgets and communication devices are not allowed
during the quiz.
6. Read the instructions carefully before you start.
7. Any questions regarding the quiz shall be addressed directly to the faculty only.
8. The quiz is good for 1 hour and 30 minutes.
God bless everyone!
TRUE OR FALSE. Shade heavily the letter of your choice. STRICTLY NO ERASURES. (1 pt. each)
1. The statement of financial position is useful for all of the following except
a. To analyze liquidity and solvency
b. To evaluate capital structure
c. To determine increase in cash due to operations
d. To assess future cash flows
2. What is the accounting concept that justifies the usage of accruals and deferrals?
a. Going concern c. Consistency
b. Materiality d. Stable Monetary unit
3. Which of the following is an internal user of financial information?
a. Board of Directors c. Holder of the entity’s bonds
b. Shareholder in the entity d. Supplier Creditor of the entity
4. After preparing the Bank Reconciliation Statement, which of the following Cash balance should appear
in the Current Assets Portion of the Statement of Financial Position as of reporting date?
a. Adjusted cash balance per bank c. Either a or b
b. Adjusted cash balance per book d. Neither a nor b
5. Which of the following statements in relation to information needs is true?
I. Information that meets the needs of specified primary users is likely to meet the needs of
other users, such as employees, customers, governments and their agencies, and the public.
II. The management is also interested in financial information but it need not rely on general
purpose financial reports because it can access additional information internally.
a. I only c. Both I and II
b. II only d. Neither I nor II
6. Which of the following statements best describes the term “financial position”?
a. The net income and expenses of an entity
