The purpose of accounting is to....

Which of the following does not represents the characteristics of Management Accounting?

Cost accounting is needed by which type of users

What is the roles of management accountant?

The following is the objective of cost accounting except....

Financial accounting is....

We record ___________in the books of accounts.

Which of the following is not a branch of accounting?

Which is the first step of accounting process?

Owners of business firms are the ONLY people who need accounting information.

Which of the following is the correct sequence of accounting activities?

Users of accounting information include

Book keeping is mainly concerned with

Which of the following is the example of internal users

Which of the following would NOT be considered as internal users of accounting data for a company?

Accounting is referred to as the "language of ___________________."

The starting point of the accounting process is

An area of accounting where private accountant is hired by a business to be involved in day to day activities and to undertake accounting functions.

A process of accounting which involves keeping chronological diary of events that are measured in pesos.

This is a process which involves preparation and distribution of financial and other accounting reports.

The economic events of an organization are referred to as____________?

Accounting provides assistance to decision makers by providing them financial reports that will guide them in coming up with sound decisions. Which of the following features best describe this nature of accounting?

Accounting records financial transactions and data, classifies these and finalizes their results given for a specified period of time, as needed by their users. Which of the following features best describe this nature of accounting?

Accounting is recognized and characterized as a storehouse of information. Which of the following features best describe this nature of accounting?

Which of the following is NOT included in the functions of accounting?

This is the oldest evidence of Accounting practice from Mesopotamia, which dealt with commercial transactions at the time such as listing of accounts receivable and accounts payable.

The history of accounting in business started from around 3600 B.C. which is the Cradle Civilization. On 14th Century, Double entry bookkeeping was born through Luca Pacioli, followed by the French Revolution on 1700s, Industrial Revolution on 1760 - 1830 and On _______ modern accounting in Europe and america began.

This is the result when one company takes over all the operations of another business entity resulting in the dissolution of another business.

The Father of Accounting wrote the first book published containing a detailed chapters on double-entry bookkeeping. What is the title of the book?

Primarily concerned with processing historical data

Deals with developing future accountants, by creating relevant accounting curriculum.

Focuses on evaluating the adequacy of a company's internal control structure by testing segregation of duties, policies and procedures, degrees of authorization, and other controls implemented by management.

Examination of financial statements by an independent CPA (Certified Public Accountant) with the purpose of expressing an opinion as to fairness of presentation and compliance with the generally accepted accounting principles (GAAP).

Report on the total cost of materials and labor used in the production

Internal User: Employees ; Information Needed: __________________ ; Decisions supported: Job security, consider staying in the employ of the company or look for other employment opportunities

External User: Potential investors ; Information Needed: __________________ ; Decisions supported: Is it profitable for me to invest in this business?

Internal User: ______________ ; Information Needed: profit or income for the period, resources or assets of the business, liabilities of the business ; Decisions supported: Considerations regarding additional investment, expanding the business, borrowing funds to support any expansion plans.

External User: ______________ ; Information Needed: liabilities or amount owed by the business to its suppliers ; Decisions supported: Do I extend credit to this company? For how long?

Accounting information is presented to internal users usually in the form of the following, except?

Provide timely and relevant information for those internal users of accounting information, such as the managers and employees in their decision-making needs.

This branch of accounting deals with how the funds of the government are recorded and reported.

It involves determination of income tax and other taxes, tax advisory services such as ways to minimize taxes legally, evaluation of the consequences of tax decisions, and other tax-related matters.

These are those individuals inside a company who plan, organize, and run the business.