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UNIVERSIDAD DE MANILA BASIC ACCOUNTING IT-12 MTH 1030-1200H MIDTERM EXAMINATION

TEST I 1. Financial accounting can be broadly defined as the area of accounting that prepares a. financial statements to be used by investors only. b. financial statements to be used primarily by management. c. general purpose financial statements to be used by parties internal to the business enterprise only. d. general purpose financial statements to be used by parties both internal and external to the business enterprise. 2. The name that is presently used for standards issued by the International Accounting Standards Board is a. International Accounting Standards (IAS). b. International Financial Reporting Standards (IFRS) c. International Financial Accounting Interpretations (FAI) d. International Generally Accepted Accounting Principles (IGAAP) 3. The International Accounting Standards (IAS) are a. focused on quantitative rules. b. based on regulations not concepts. c. principles-based rather than rules-based. d. rules-based rather than principles-based. 4. Generally accepted accounting principles a. rarely change. b. define accounting practice at a point in time. c. are not affected by changes in the ways business operate. d. are similar in nature to the principles of chemistry or physics. 5. The purpose of the International Financial Reporting Standards (IFRS) is to a. promote uniform accounting standards among the countries of the world. b. arbitrate accounting disputes between auditors and international entities. c. issue enforceable standards which regulate the financial reporting multinational entities. d. develop a uniform currency in which the financial transactions of entities throughout the world would be measured.

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Test II 1. 2. 3. 4. 5.

What are the elements of Accounting? Provide at least 5 branches of Accounting, define each. What is Basic Accounting Concept? What are the forms of business? Enumerate the user of Accounting Report.

TEST III (2.5 each on the score) UDM Mission Vision UDM hymn...