FABM 2 (1 QUARTER) QUESTIONS & ANSWERS SOLVED 100% CORRECT!!

FABM 2

1. that helps business track events that affect SYSTEM
them

2. identifying the events that affect a business PROCESS

3. AAA (American Accounting Association) the process of identifying
measuring

4. AICPA (American Institute of Certified Public the art of recording, classi-
Accountants) fying, and summarizing in
a significant manner and in
terms of money, transac-
tion of events

5. the economic events relevant to business IDENTIFYING

6. writing the economic events relevant to busi- RECORDING
ness

7. sorting or grouping of similar transaction and CLASSIFYING
events in a specific period of time

8. classifying process SUMMARIZING

9. preparation of the financial statements such REPORTING
as statement of financial position, ans state-
ment of cash flows

10. final function in the accounting process INTERPRETING

11. sitting down in writing accountables transac- RECORDING
tion and events

12. categorising similar terms into the same group CLASSIFYING
or group name

13. Aggregating and creating a condensed ver- SUMMARIZING
sion of the recorded and classified information

14. SUMMARIZING
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