WorksheetsPrinciples of Accounting
Total questions: 50
Worksheet time: 40mins
A _ can handle basic accounting needs
(a)
What does CPA stand for?
(a)
The blood of the business
(a)
A _ should be utilized for larger/more advanced accounting task
(a)
Accounting is a necessary function for:
Decision Making
Cost Planning
Measurement of economic performance
All of the above
An account of Emperor Augustus financial dealing
(a)
The Father of Accounting
(a)
The book of Luca Pacioli where he described double-entry bookkeeping (LATIN)
(a)
The book of Luca Pacioli where he described double-entry bookkeeping (English)
(a)
How many pages is the treatise on bookkeeping?
7
25
27
94
What is the title of the treatise on bookkeeping by Luca Pacioli? (LATIN)
(a)
What is the title of the treatise on bookkeeping by Luca Pacioli? (ENGLISH)
(a)
The earliest Accounting Records were found among the _
(a)
Exchanging of goods/service without the use of money
(a)
AICPA
(a)
accounting is a service activity. Its function is to provide quantitative information, primarily financial in nature, about economic entities, that is intended to be useful in making economic decisions, in making reasoned choices among alternative courses of action.‖
AICPA
Accounting Standards Council
American Accounting Association
(GAAP)
generally accepted accounting principles
Most Common Branch of Accounting
Financial Accounting
Auditing
Forensic Accounting
Cost Accounting
Reviewing/Checking of financial statements
Financial Accounting
Auditing
Forensic Accounting
Cost Accounting
Reports need by management for decision-making/assessing
Auditing
Managerial Accounting
Forensic Accounting
Cost Accounting
Focuses on legal affairs such as inquiry into fraud. legal cases and dispute claims resolution.
Auditing
Managerial Accounting
Forensic Accounting
Financial Accounting
The appointing of a custodian of a business's assets during events such as bankruptcy
Internal Auditing
Managerial Accounting
Fiduciary Accounting
Financial Accounting
Concerns itself with everything to do with accounting systems and processes and their construction, installation, application and observation
Accounting Information system
Cost Accounting
Tax Accounting
Financial Accounting
Commonly used in the manufacturing industry, an industry that has a lot of resources and cost to manage
Accounting Information system
Cost Accounting
Fiduciary Accounting
Financial Accounting
Planning for tax diminution, payment scheme, and the preparations of tax returns.
Accounting Information system
Cost Accounting
Tax Accounting
Financial Accounting
FASB
(a)
APB
(a)
GAAP
(a)
Accounting is a service activity, it's function is to provide quantitative information, primarily financial in nature, about economic entities, that is intended to be useful in making economic decisions, in making reasoned choices among alternative courses of action.
American Institute of Certified Public Accountants (AICPA)
The Accounting standards council (ASC)
The American Accounting Association
Generally Accepted Accounting Principles (GAAP
"The art of recording, classifying and summarizing in a significant manner and in terms of money transaction and events which are, in part at least of financial character and interpreting the results thereof."
American Institute of Certified Public Accountants (AICPA)
The Accounting standards council (ASC)
The American Accounting Association
Generally Accepted Accounting Principles (GAAP
"The process of identifying, measuring and communicating economic information to permit informed judgment and decision by users of the information."
American Institute of Certified Public Accountants (AICPA)
The Accounting standards council (ASC)
The American Accounting Association
Generally Accepted Accounting Principles (GAAP
The shorter the time interval, the more likely the need for the accountant to estimate amounts relevant to that period.
(a)
The amount spent (Cash or Cash Equivalent), When an item was originally obtained, wether that purchase happened last year or 30 years ago. For this reason, the amounts shown on the financial statement are reffered to as historical amounts.
(a)
Transactions are expressed in Philippine Peso. It's assumed that the peso's purchasing power has not changed overtime
(a)
There's a specific time measurement that you can account can be for a few months, but mostly fiscal year.
(a)
The owner's transactions are separated from it's business
(a)
Revenues are recognized as soon as a product or service is done regardless if the money was actually received
(a)
If the business financial situation is such that the accountant believes that it will not be able to continue on, the accountant is required to disclose the assessment
(a)
Financial statements show amounts rounded to the nearest thousand or the nerest million, depending on the size of the company
(a)
Information should be disclosed within the statement or in the notes to the statement.
(a)
Requires that the revenue matches the expenses
(a)
principle that allows accountants to anticipate losses, but not allow a similar action for gains.
(a)
Full Control of its business and owns all the assets, personally owes answers to all liabilities or suffers all losses but enjoy all profits.
Partnership
Sole Proprietorship
Corporation
The source of capital of the business determines the form of business organization. Business entities include organizations such as corporations, partnerships, charities, trusts, and other forms of organization.
(a)
Having a separate legal personality, It consists of two or more person.
Partnership
Sole Proprietorship
Corporation
A personality separate and distinct from that of its stockholders
Partnership
Sole Proprietorship
Corporation
Partnership, unlimited liability for the debts and obligations of the partnership.
(a)
_______ partnerships, whre one or more partners have unlimited liability, and the _______ partners have liability only up to the amount of their capital conntributions
(a)
A service type of business provides intangible products.
Manufacturing Business
Service Business
Merchandising Business
Buy and Sell
Manufacturing Business
Service Business
Merchandising Business
Making a new product
Manufacturing Business
Service Business
Merchandising Business
