Users of Accounting Information

Joyce asked her friend Jannah to borrow a money for the science project that they will pass in due time. What kind of user of accounting information is Jannah? 

• Internal Users of Accounting Information

• External Users of Accounting Information

Ms. Murcia is a secretary of the PRO Co., and she complain about the discrepancy about her salary in the March 2019 and it was confirmed by the Company''s audit that there's an error occurred in the accounting records of salaries. As the secretary of the PRO Co., what kind of user is Ms. Murcia?

• External User of Accounting Information

• Internal User of Accounting Information

Which of the following is not a business transaction?

• Hiring a new employee

• Incurring on a business loan

• Receiving fees for service

• Purchasing office supplies

The PRO Co. has been charged with 1 million as their annual tax for the year 2019 and file it in Bureau of Internal Revenue. What is the classification of BIR as a user of accounting information of The PRO Co.?

• Internal Users of Accounting Information

• External Users of Accounting Information

Mang David is a fisherman who give the large amount of fish products in the Bagong Nayon Market he always check if the retail fish stores are able to pay in due date. 

• Internal Users of Accounting Information

• External Users of Accounting Information

Records are  the  books  of  accounts  that  must  be  maintained  by  the accounting  department.  Just  as  one  gathers  lecture  notes  and  places them  in  a  notebook,  accounting  data  are  gathered  and  recorded  in  a book  called  the ______.

• Ledger

• Journal

• Output Devices

• Online Process

These are group of persons who are outside the organization for whom accounting function is performed.

• Creditors

• Internal stakeholdersEmployers

• External Users

• Internal Users

Which financial statement is most useful in assessing the financial flexibility of a business enterprise?

• Statement of Cash Flows

• Statement of Changes in Owner's Equity

• Income Statement

• Balance Sheet

It’s a tool used in evaluation management's performance. It also helps in assessing the inflow and outflow of cash. The income  statement  also  referred  to  as  the  statement  of  performance  or statement  of  earnings. The elements of income statements are revenues, and expenses.

• Income Statement

• Cash Flow Statement

• Owner's Equity

• Financial Statement

Which of the following items may appear in a balance sheet?

• Capital, drawing and expenses

• Capital, drawing and net income

• Capital, drawing and income

• Drawing, income and expenses