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Fundamentals of Accountancy, Business and Management (FDNACCT)

FDNACCT 01 · Accounting Foundations

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Accounting Foundations. Test concepts and calculations with worked solutions.

Jade Laurence EmpleoPublic15 questionsFundamentals of Accountancy, Business and Management (FDNACCT)Updated
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Amounts are Philippine pesos (₱). Enter numeric answers without a currency symbol; commas are optional. Use accrual accounting, periodic inventory, prepaid expenses under the asset method, unearned revenue under the liability method, straight-line depreciation, and the allowance method unless a question states otherwise. Interest uses a 360-day year or months/12. Follow the course cash-flow convention: interest/dividends received are investing, interest/dividends paid are financing. Each Practice Lab table has one highlighted blank. Questions are independent; use only the facts given in that question.

Questions

01Which task is cost accounting?
  1. Preparing a tax return
  2. Determining the cost to produce a bag
  3. Investigating a fraud dispute
  4. Auditing statements independently
FDNACCT Unit 1_Introduction to Accounting_Study Guide.pdf, pp. 1–4; CE ^N1 - BRANCHES OF ACCOUNTING.docx
02Which group consists entirely of primary users?
  1. Managers, employees, customers
  2. Investors, lenders, other creditors
  3. Tax authorities, regulators, unions
  4. Auditors, teachers, supervisors
FDNACCT Unit 1_Introduction to Accounting_Study Guide.pdf, pp. 1–4; CE ^N1 - BRANCHES OF ACCOUNTING.docx
03A shop buys finished books and resells them. What activity is it?
  1. Service
  2. Manufacturing
  3. Merchandising
  4. Government accounting
FDNACCT Unit 1_Introduction to Accounting_Study Guide.pdf, pp. 1–4; CE ^N1 - BRANCHES OF ACCOUNTING.docx
04A factory turns raw plastic into containers. What activity is it?
  1. Manufacturing
  2. Merchandising
  3. Service
  4. Tax planning
FDNACCT Unit 1_Introduction to Accounting_Study Guide.pdf, pp. 1–4; CE ^N1 - BRANCHES OF ACCOUNTING.docx
05A finance manager asks which product the business should emphasize. What kind of decision is this?
  1. Internal management decision
  2. External lender decision
  3. Customer continuity decision
  4. Tax authority assessment
FDNACCT Unit 1_Introduction to Accounting_Study Guide.pdf, pp. 1–4; CE ^N1 - BRANCHES OF ACCOUNTING.docx
06Which work most directly concerns a fraud investigation?
  1. Accounting education
  2. Budgeting
  3. Forensic accounting
  4. Inventory selling
FDNACCT Unit 1_Introduction to Accounting_Study Guide.pdf, pp. 1–4; CE ^N1 - BRANCHES OF ACCOUNTING.docx
07Which branch prepares reports mainly for internal management?
  1. Managerial accounting
  2. External auditing
  3. Financial accounting
  4. Tax compliance
FDNACCT Unit 1_Introduction to Accounting_Study Guide.pdf, pp. 1–4; CE ^N1 - BRANCHES OF ACCOUNTING.docx
08An accountant serves many business clients through professional engagements. Which area of accounting is this?
  1. Private accounting
  2. Public accounting
  3. Manufacturing
  4. Sole proprietorship
FDNACCT Unit 1_Introduction to Accounting_Study Guide.pdf, pp. 1–4; CE ^N1 - BRANCHES OF ACCOUNTING.docx
09Which branch examines statements to express an independent opinion on fair presentation?
  1. Budgeting
  2. Cost accounting
  3. External auditing
  4. Accounting education
FDNACCT Unit 1_Introduction to Accounting_Study Guide.pdf, pp. 1–4; CE ^N1 - BRANCHES OF ACCOUNTING.docx
10Which description matches service activity?
  1. Reselling purchased goods
  2. Converting raw materials
  3. Providing professional or other services
  4. Issuing ownership shares
FDNACCT Unit 1_Introduction to Accounting_Study Guide.pdf, pp. 1–4; CE ^N1 - BRANCHES OF ACCOUNTING.docx
11Which contribution to bookkeeping is associated with Luca Pacioli’s 1494 publication?
  1. Invented all accounting
  2. Published a description of double-entry bookkeeping
  3. Founded the first corporation
  4. Introduced modern computers
History of Accounting.doc; History of Accounting.png
12Why did growing corporations need accounting systems?
  1. Owners always managed every operation
  2. Managers needed to report to owners
  3. Cash became unnecessary
  4. Financial statements replaced all management
History of Accounting.doc; History of Accounting.png
13Which ownership form has one individual owner?
  1. Corporation only
  2. Partnership
  3. Sole proprietorship
  4. Trade association
FDNACCT Unit 1_Introduction to Accounting_Study Guide.pdf, pp. 1–4; CE ^N1 - BRANCHES OF ACCOUNTING.docx
14Which question would a lender most directly ask?
  1. Should we hire more employees?
  2. Which product color should we offer?
  3. Can the company repay the loan?
  4. How many units should the factory produce?
FDNACCT Unit 1_Introduction to Accounting_Study Guide.pdf, pp. 1–4; CE ^N1 - BRANCHES OF ACCOUNTING.docx
15Which distinction is correct?
  1. Ownership form determines activity type
  2. An entity can be classified by both ownership and activity
  3. All corporations manufacture
  4. All sole proprietorships provide services
FDNACCT Unit 1_Introduction to Accounting_Study Guide.pdf, pp. 1–4; CE ^N1 - BRANCHES OF ACCOUNTING.docx
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