University of the Cordilleras

College of Accountancy
st
1 Trimester S.Y. 2013-2014
Accounting 101 (Accounting Orientation)
Instructor: Dominador G. Silvestre Jr., CPA, MBA
I.

Matching Type: Match SET A with SET B. Write only the letter of your preferred answer. (30
points)
SET A
1. Books of original entry
18. Employment in an agency of the government.
2. Transactions have two effects to recording
19. Determining whether a transaction or event is
3. Earliest form of business transactions
accountable or not.
4. Earliest records of business transactions
20. Generation of financial statements.
5. Earliest business transactions recorded
21. Using
ratios,
quantitative
analyses,
6. Known as perfect double-entry form books
comparisons, benchmarking and other
7. Debits are written over credits
techniques to give more meaning to the
8. First book about double-entry bookkeeping
financial statements.
published
22. A per transaction and per date way of
9. Father of Accounting
entering accounting information in the books.
10. Period when there was a thorough study of
23. A per account way of entering information in
accounting
the books.
11. Period when there was a focus on accounting
24. An essential characteristic of an accountable
for fixed assets
business transaction or event.
12. Age
of
mergers,
acquisition,
global
25. The right side facing the general ledger.
corporations, internal reporting and external
26. A set of debit, credit and an explanation of a
reporting
transaction.
13. Dawn of computer-assisted accounting
27. Contains information about the assets,
14. It aims to harmonize accounting standards
liabilities and capital of a business.
and set high quality, understandable and
28. Contains information about the inflows and
enforceable global standards.
outflows of cash to and from the business.
15. Employment in a corporation other than
29. Contains information about the profitability of
Government-Owned
and
Controlled
the business.
corporations and other government regulating
30. Contains
narrative
information
about
agencies and organizations.
information not included in all other financial
16. Includes authorship of accounting books and
statements, including break down of amounts
other teaching materials.
and compliance with existing accounting
17. Partner in a partnership of auditors rendering
standards.
audit and management services to clients.

SET B
a)
b)
c)
d)
e)
f)
g)
h)
i)
j)
k)
l)
m)
n)
o)
p)
q)
r)
s)
t)
u)
v)
w)

General Journal
General Ledger
Worksheet
Double-entry bookkeeping
Accrual Basis
Cash Basis
Barter or exchange
Sale
Clay tablets
Bible
Quran
Collection of tithes
Massari Ledgers
Florentine method
Venetian Method
Summa de Arithmetica
Da Vinci Code
Luca Pacioli
Leonardo da Vinci
Italians
Napoleon Bonaparte
French Revolution (1700s)
Industrial Revolution (17601830)
x) Global Industrial Economy
(1900s)
y) 2000s
z) 2004 to present
aa) IASB
bb) FRSC
cc) Private Sector
dd) Public Sector
ee) Government Sector
ff) Academe
gg) Quasi-government
hh) Analyzing
ii) Recording
jj) Classifying
kk) Summarizing
ll) Interpreting
mm)
Financial
nn) Accurately measurable
oo) Debit
pp) Credit
qq) Date

rr) Journal Entry

ss) Income statement
tt) Balance sheet
uu) Statement of cash flows
vv) Notes to Financial Statements
II.

TRUE OR FALSE. Write TRUE if the statement

expresses a sound thought and FALSE if
otherwise. (2 pts each, 30 pts)

1. Accounting is the same with bookkeeping.

2. Businesses cannot operate without formal accounting
system.
3. Accounting
is
not
applicable
to
non-profit
organizations, churches and civic organizations.
4. Accounting is the same as auditing.
5. The general journal is used to classify transactions into
separate accounts.
6. A business transaction may be accountable even if
there is no exchange of values (i.e. there is a receiver
and there is a giver).
7. Donation is not accountable.
8. Working at Bangko Sentral ng Pilipinas is working at
the Private Sector.
9. An accounting graduate may do public practice even
without passing the board exam for CPAs.
10. An accounting graduate may teach accounting even
without passing the CPA board exam.
11. Accounting is not applicable to a students daily life.
12. Accounting is the best profession in the Philippines.
13. Working at Philippine Savings Bank (PSB) is working
at the government.
14. The only thing we can account is money.
15. An accountant in a university is under the academic
practice of accounting.

>>>END OF PRELIM EXAM<<<