ACCOUNTING IS A PROCESS.

ACCOUNTING IS NOT AN ART.

The following are the functions of Accounting:

•KEEPING SYSTEMATIC RECORD OF BUSINESS TRANSACTIONS

• PROTECTING PROPERTIES OF THE BUSINESS

• COMMUNICATING RESULTS TO VARIOUS PARTIES IN OR

CONNECTED WITH THE BUSINESS

• MEETING ILLEGAL REQUIREMENTS

A BRANCH OF AACCOUNTING PRIMARILY HANDLING THE RECORDINJG OF FINANCIAL TRANSACTIONS OF A BUSINESS.

IS A BRANCH OF ACCOUNTING WHICH FOCUSES ON THE PREPARATION OF FINANCIAL REPORTS USED BY MANAGERS IN THEIR DAY TO DAY DECISION MAKING.

ENCOMPASSES THE PROCESS OF ANALYSING RECORDING CLASSIFYING, SUMMARIZING AND COMMUNICATING ALL TRANSACTIONS INVOLVING THE RECEIPT AND DISPOSITION OF FUND PROPERTY.

Deals with how funds of government are used or disposed.

See to it that proper procedure were followed.

Composed of internal and external audit.

Involves preparation of income tax return and proper determination of taxes to be imposed.

Concerns with cost collection and allocating of funds for cost of goods sold.

Creating relevant accounting curriculum.

Developing new standard for global businesses.

Conducting lectures on accounting subjects is an example of :

Doing research on business issues and trend is an examples of:

Manager deciding to hire an employee is an example of:

Reviewing tax compliance of a business is part of :

preparation of financial statements is part of _____.

There are internal and external users of accounting information.

Owner is an _____user.

Public is an _____user.

Employee is an _____user.

Manager is an _____user.

Investor is an _____user.

Creditor is an _____user.

Give loans to the business.

____are divided into four: Retailer, wholesaler, final consumer and producer.

They are the people who’s ready to invest in the business.

The people who served the business.

The decision makers of the business.

The people who provides capital to the business.

The owners and the business are two different entity.

The business will continue its operation in the future.

The revenues are recognized when they are earned but not when the cash is received.

The provision for doubtful debts should be made.

All transaction of business are recorded in terms of money.

____depends on the size and nature of the item.

The following are examples of Branches of accounting except:

_______is a type of business with only one owner. The owner has complete authority over every aspect of the business.

_______is an arrangement where parties, known as business partners, agree to cooperate to advance their mutual interests.

_______is a legal entity created by individuals, stockholders, or shareholders, with the purpose of operating for profit.

_______is an autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly-owned enterprise".

Mang Gorio and Aling Precy kainan are examples of _______.

Las Hermanas restaurant is an example of ______.

ABS- CBN, GMA and TV5 are examples of ______.

Retail outlets, credit unions, utility companies, insurance companies, and day cares are all examples of______.

______is one that provides an intangible product, performed by a team or an individual.

Accounting, banking, plumbing, repair and maintenance are examples of _______.

_______is the creation of new products, either from raw materials or components.

Automotive companies, bakeries, shoemakers and tailors are examples of _______.

_______is the practice and process of displaying and selling products to customers.

_______is the practice and process of displaying and selling products to customers.

Groceries in a supermarket, clothes in a retail store, and electronics on a website are examples of ______.

Retail outlets, credit unions, utility companies, insurance companies, and day cares are all examples of______.

The following are examples of Branches of accounting except:

The revenues are recognized when they are earned but not when the cash is received.

____are divided into four: Retailer, wholesaler, final consumer and producer.

Transaction which cannot be recorded in the special journal will not be recorded in general journal.