Long Written Work #1 in Accounting

Which is the definition of Accounting according to PICPA?

• It is a numerical figures translate to quantitative information that is used to measure business activities.
• It is a system that measures business activities, processes given information into reports, and communicates findings to decision makers.
• It measurement of science involves the use of instruments to determine the size, length, or amount and business transactions are expressed in terms of money.
• It is the art of recording, classifying, and summarizing in a significant manner and in terms of money, transactions, and events which are, in part at least, of a financial character, and interpreting the result thereof.

What type of financial statement shows the result of the company’s performance as a result of operations at a particular period of time?

• Statement of Cash Flow
• Statement of Financial Position
• Statement of Changes in Equity
• Statement of Comprehensive Income

Which does NOT describe a nature of accounting?

• Accounting is an art.
• Accounting is reliable.
• Accounting is a process.
• Accounting is means and not an end.

Which describes accounting as an information system?

• Accounting is recognized and characterized as a storehouse of information.
• Accounting performs the specific task of collecting, processing and communicating financial information.
• Accounting is a tool used to communicate financial information to various interested in the financial status of an economy.
• Accounting records the financial transactions and date after classifying the same and finalizes their result for a definite period for conveying them to their users.

Which best describe core competencies?

• These provide different business and accounting services to their clients.
• These involve providing help to clients in complying with their tax obligations.
• These are unique combination of skills, knowledge and technology that provides value and result to the user.
• These involve extending guidance to business organizations to help improve their management procedures, address problems, and plan for the improvement of their business operation.

Which sector of accounting practice is the most common service offered by CPAs?

• Auditing
• Public Practice
• Tax Preparation
• Management Consultancy

Which created an alphabet with accounting?

• Romans
• Egyptians
• Babylonians
• Phoenicians

Which is an invention made by Babylonians?

• Barter System
• Accounting Alphabets
• Mechanical Calculator
• Bead and Wire Abacus

What book did the father of accounitng wrote?

• Accounting Principles and Studies
• All about Accounting and its Principles
• Everything about Arithmetic, Geometry and Proportion
• Everything about Accounting, Arithmetic, Geometry and Proportion

Who is the Father of Accounting?

• Archimedes
• Luca Pacioli
• Adam Smith
• Isaac Newton