FABM1_WEEK2

It is primarily concerned with the recognition, measurement and communication of

economic activities.

• Cost Accounting

• Financial Accounting

• Tax Accounting

• Accounting Research

It is the process of recording, analyzing, classifying, summarizing, communicating and interpreting financial information about the government.

• Auditing

• Accounting Education

• Government Accounting

• Tax Accounting

This branch of accounting deals with developing future accountants by creating relevant accounting curriculum.

• Accounting Education

• Accounting Research

• Fiduciary Accounting

• Accounting Information System

Management accounting helps businesses analyze actual and standard costs, and set selling prices for their products.

• True

• False

It deals with determining the operational efficiency of the company regarding the protection of the company’s assets, accuracy and reliability of the accounting date, and adherence to certain management policies.

• Tax Accounting

• Management Accounting

• External Auditing

• Internal Auditing

The objective of managerial accounting is to provide relevant information for the internal users of accounting information, such as the managers and employees.

• True

• False

This branch of accounting helps standard-setting bodies around the world to develop new standards that will address recent issues or trend in global business.

• Accounting Research

• Accounting Information System

• Accounting Education

• Forensic Accounting

It is very useful in manufacturing business since they have the most complicated costing process.

• Financial Accounting

• Cost Accounting

• Management Accounting

• Tax Accounting

External auditing refers to the examination of financial statements by an independent CPA with the purpose of expressing an opinion as to fairness of presentation and compliance with the generally accepted accounting principles.

• True

• False

It involves financial analysis, budgeting and forecasting, cost analysis, evaluation of business decisions, and similar areas.

• Cost Accounting

• Government Accounting

• Management Accounting

• Financial Accounting