WorksheetsUsers of Accounting Information
Total questions: 15
Worksheet time: 9mins
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
Creditors information needs involve making all of the following decisions, except:
Whether or not ask for advance payment from a customer
Whether or not to sell goods and services on account basis
Whether or not renew an existing customer's credit line
Whether or not to invest in a credit instrument
Which of the following is not a component of the complete set of financial statements?
Supplementary disclosure and explanatory notes
Income statement
Statement of changes in owner's equity
Bank reconciliation statement
Which of the following statements is false?
Owner's equity can be bigger than the total liabilities.
Owner's equity cannot be bigger than the total assets.
Total liabilities can be bigger than the total assets.
Owner's equity can be bigger than the total assets.
Which of the following is an internal data-user?
Bureau of Internal Revenue
Bank representative
Company treasurer
President of the labor union
It is an activity or event taking place in business which is expressed in terms of money. Examples are: buying or selling goods, receiving or paying cash, rendering or receiving service and borrowing or lending money
Data Collection
Business Transactions
Cooperative Credit
Data Processing
