Which of the following gives the best definition of bookkeeping?

a.To provide financial information to users.

b.To record, classify and summarize financial transactions and events.
c.To calculate the amount of tax to be paid to BIR.
d.To calculate the amount of profit to be paid to investors

Your answer is incorrect.

The correct answer is:
To record, classify and summarize financial transactions and events.

Which is not a type of business?

a.
Servicing
b.
Philanthropy
c.
Manufacturing
d.
Merchandising or trading
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Your answer is correct.
The correct answer is:
Philanthropy
Accounting is
a.
the art of recording, classifying, and summarizing in a significant manner and in terms of
money, transactions and events which are, in part at least of financial character, and
interpreting the results thereof.
b.
the person who keeps and maintains the books of accounts of the business
organization. The bookkeeper is responsible for recording the transactions of the
business.
c.
the recording of financial transactions.
d.
the process of recording, classifying and summarizing business transactions for the
proper determination of correct tax declarations and payments.
Your answer is correct.
The correct answer is:
the art of recording, classifying, and summarizing in a significant manner and in terms of
money, transactions and events which are, in part at least of financial character, and
interpreting the results thereof.
Businesses must register in the following except
a.
Department of Trade and Industry
b.
Department of Business and Management
c.
Securities and Exchange Commission
d.
Cooperative Development Authority
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Your answer is correct.
The correct answer is:
Department of Business and Management
Bookkeeping is
a.
the process of recording, classifying and summarizing business transactions for the
proper determination of correct tax declarations and payments.
b.
the person who keeps and maintains the books of accounts of the business
organization. The bookkeeper is responsible for recording the transactions of the
business.
c.
the recording of financial transactions and is part of the process of accounting in
business.
d.
the art of recording, classifying, and summarizing in a significant manner and in terms of
money, transactions and events which are, in part at least of financial character, and
interpreting the results thereof.
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Your answer is correct.
The correct answer is:
the recording of financial transactions and is part of the process of accounting in
business.
In the accounting process, which step follows journalizing?
a.
Posting to the ledger
b.
Preparation of trial balance
c.
Documentation of the transaction
d.
Preparation of financial statements
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Your answer is correct.
The correct answer is:
Posting to the ledger
It is a type of business that buys goods and commodities then sells the same for profit
without changing its form
a.
Service business
b.
Merchandising business
c.
Manufacturing business
d.
All of the above
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The correct answer is:
Merchandising business
Which may not be a function of a bookkeeper?
a.b
Approve transactions
b.
Record inventory movements
c.
Record sales and collections
d.
Record purchases and payments
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The correct answer is:
Approve transactions
Which may not be a function of a bookkeeper?
a.
Record cash receipts and payments
b.
Record purchase invoices
c.
Record employee attendances
d.
Record sales invoices
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The correct answer is:
Record employee attendances
A business of two or more persons who bind themselves to contribute money, property
or industry to a common fund, with the intention of dividing the profits among
themselves
a.
Cooperative
b.
Corporation
c.
Sole proprietorship
d.
Partnership
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Your answer is correct.
The correct answer is:
Partnership
The following are examples of service businesses except
a.
Philippine Airlines
b.
Cagayan River Hotel and Resorts
c.
Spendmore Supermarket
d.
Azina Water Refilling Station
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Your answer is correct.
The correct answer is:
Spendmore Supermarket
Which is not a form of business organization?
a.
Business association
b.
Sole proprietorship
c.
Corporation
d.
Partnership
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Your answer is correct.
The correct answer is:
Business association
The bookkeeper is
a.
the process of recording, classifying and summarizing business transactions for the
proper determination of correct tax declarations and payments.
b.
the recording of financial transactions and is part of the process of accounting in
business.
c.
the artist of recording, classifying, and summarizing in a significant manner and in terms
of money, transactions and events which are, in part at least of financial character, and
interpreting the results thereof.
d.
the person who keeps and maintains the books of accounts of the business
organization, and is responsible for recording the transactions of the business.
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Your answer is correct.
The correct answer is:
the person who keeps and maintains the books of accounts of the business
organization, and is responsible for recording the transactions of the business.
Which may not be a function of a bookkeeper?
a.
Finalize financial statements
b.
Record transactions
c.
Post adjusting entries
d.
Prepare unadjusted trial balance
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Your answer is incorrect.
The correct answer is:
Finalize financial statements
Which is not a basic characteristic of a business?
a.
Involves commercial activities
b.
Conducted for profit
c.
A regular activity
d.
Social marketing
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The correct answer is:
Social marketing
Which is not one of the legal requirements of a business?
a.
Conduct profitable activities
b.
Secure business registration certificates and permits
c.
Issue receipts and invoices
d.
Maintain accounting records
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The correct answer is:
Conduct profitable activities
The following are examples of manufacturing businesses, except
a.
Red Ribbon Bakeshop
b.
Sony Philippines
c.
Toyota Motors, Inc.
d.
Rolex Watch Repair Shop
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Your answer is incorrect.
The correct answer is:
Rolex Watch Repair Shop
It is the simplest form of business organization
a.
Partnership
b.
Merchandising entity
c.
Service entity
d.
Sole proprietorship
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The correct answer is:
Sole proprietorship
Which is not one of the legal requirements of a business?
a.
File and pay taxes
b.
Maintain profitability
c.
Pay business permits and licenses
d.
Withhold taxes on certain payments
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Your answer is correct.
The correct answer is:
Maintain profitability
The form of business organization owned by stockholders
a.
Non-profit organization
b.
Corporation
c.
Sole proprietorship
d.
Partnership
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Your answer is correct.
The correct answer is:
Corporation