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ROWS: Read the question/statement comprehensively. Encircle the letter corresponds to the correct answer Erasures and alterations are not allowed 1. Which of the following is NOT a relevant economic event? a. an agent who attended to the concern of a complaining customer b. Patricia, manager of Company X. who sold an abandoned building of her company c. Company Y which borrowed owed P 5M from a bank due to fight financial conditions d. Company Z which paid its employees their salaries for the month of January 2. Which of the following does NOT show one of the main functions of accounting? a. Fred prepared a report to be submitted to the taxing authorities b. John recorded the purchase of an equipment in the accounting books immediately after purchase c. Jason prepares financial report monthly for the company's stockholders d. Allan canvassed the price of a sewing machine to be used in the company's operations 3. Statement I - Accounting is used by all types of businesses, even not-for-profit organizations such as charitable institutions. Statement II - Government agencies have no use for accounting. a. Both statements are true c. Only Statement II is true b. Only Statement I is true d. Both statements are false 4. Statement I - Accounting gives more benefit to larger companies than smaller companies. Statement II - Large companies normally have more complex accounting processes. a. Both statements are true c. Only Statement II is true b. Only Statement I is true d. Both statements are false 5. The primary users of the financial statements include 1. potential and existing investors Il. customers and creditors Ill. government agencies a. I only b. I and Il only c. II only d. I, Il and li 6. Which of the following can be considered as an internal user? a. Board of Directors b. Creditors c. Investors d. Custom 7. Which of the following is NOT considered an internal user of accounting information? a. Owners of a business c. Suppliers b. Senior partners of an audit firm d. Customers 8. Which of the following is NOT considered an external user of accounting information? a. BIR officials b. Production Supervisor c. Customers d. Accountancy