FABM1

LESSON1 INTRODUCTION TO ACCOUNTING

Name:________________________________
Section:_______________________________
Date: ________________________________
Q#1MIDTERM_2NDSEM

I. Internal or External: Read each item carefully. Tell whether each statement is INTERNAL or EXTERNAL user of
accounting information. WRITE your answer on the space provided for each item.

_____________1. Creditors _____________6. Top Management

_____________2. Managers _____________7. Employees
_____________3. Suppliers _____________8. Internal Auditors
_____________4. Investors _____________9. Government units and Agencies
_____________5. Independent Auditors _____________10. Customers

II. IDENTIFICATION: Identify what is being referred to in the following statement.

__________________11. Specialist in accounting.
__________________12. A systematic recording of financial transactions and the presentation of the related
information to appropriate persons
__________________13. This referred to the economic events of an organization.
__________________14. The diaries of accountants (14-15)
__________________15.
III. ENUMERATION:
16-20. The accounting process. (In order)
21-25. The basic features of accounting.
26-30. Give examples of decisions or questions that can be supported by accounting information
IV. ESSAY
31-35. Discuss the function of accounting in business
36-40. Is accounting important to you? Does it affect your daily activities?
41-50. Narrate the history/origin of accounting.