FABM 1 Question and answers correctly solved 2024/2025
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Course
REFM
Institution
REFM
FABM 1 Question and answers correctly solved 2024/2025 FABM 1
Accounting - correct answer Defined as an information system that measures processes and communicates information primarily financial nature
Accounting - correct answer Referred to as the language of business because it is the...
FABM 1
Accounting - correct answer ✔Defined as an information system that
measures processes and communicates information primarily financial nature
Accounting - correct answer ✔Referred to as the language of business
because it is the communication link between the entity and the users of
financial information
Fra Luca Pacioli - correct answer ✔Father of accounting - author of "summa
de arithmetica geometrica proportioni et proportionalita (1494)
Accounting Information System - correct answer ✔Starts with the business
activities which are documented
Documented Business Activities - correct answer ✔Measured in terms of
money
Accounting Journals - correct answer ✔The transactions and economic
events are analyzed and then recorded in the accounting books called....
Accounting Ledger - correct answer ✔The journal entries are classified and
summarized.
The classified transactions which have been posted in the... become the
source of the financial reports rendered to the users of financial statements
Analyzing - correct answer ✔The first ohase of accounting process
The accountant must look at transactions entered into, economic events that
have taken place and determine their effects on the business
, Recording - correct answer ✔Involves writing the effects of transactions and
events that have been analyzed
Journal - correct answer ✔Where information in the accounting books are
being put
Classifying - correct answer ✔It is the sorting or grouping of like transaction
and events into the specific account titles
Summarizing - correct answer ✔It is in the process that involves groupings
together fhe various accounts referred as to in the classifying process.
This is where the accounts is grouped into assets, liabilities, owner's equity,
revenue, cost and expenses
Reporting - correct answer ✔Involves the preparation of financial summaries
called financial statement
These are written or documenratary media
Interpreting - correct answer ✔Is the combination of figures and narrations
based on the figures presented
Directs the significance of matters and relationship
Involves the computation of relationship of figures from the financial reports
and the schedules
Double Entry System - correct answer ✔Means value received and value
parted with.
It means that for every transactions or economic event there are atleast two
effects in the accounting equation
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