NAME: CONCEPCION, Jeizel V.

SCORE:
PROFESSOR: Ma’am Salve Dulong Cahilo SECTION: BS AIS – 1A DATE: September 3, 2020

Problem 1. MATCHING TYPE

Instruction: Match each description with its related item described by entering the appropriate letter in the
space provided.

Description:

J 1. Focuses on the proper custody of government funds.

G 2. Determines the operational efficiency of the company.
H 3. Concerns with the collection of the financial data of the company.
D 4. He represents clients in tax assessment and investigations.
I 5. This concept allows the users to obtain timely information to serve
as a basis on making decisions about future activities.
A 6. Improves the company’s control systems.
C 7. Process of efficient management of cash.
Operating Activities 8. The use of resources to design, produce, distribute, and market goods
and services.
E 9. Any economic activity conducted primarily for profit
B 10. An organization established by individuals to provide themselves
with goods and services

A. Financial Accounting F. Cost Accounting

B. Cooperative G. Internal Auditing
C. Financial Management H. Bookkeeping
D. Tax Accountant I. Periodicity Concept
E. Business J. Government Accounting

Problem 1-2 TRUE OR FALSE

Instruction: In the space provided before the statement, write TRUE if the statement is correct or FALSE
if the statement is incorrect.

TRUE 1. An audit is the independent examination that ensures the fairness and reliability or the
reports that management submits to users outside the business entity.
TRUE 2. A business transaction is the occurrence of an event or of a condition that must be
recorded.
FALSE 3. One characteristic of a corporation is that its owners are personally liable for any
losses incurred by the business.
TRUE 4. The set of guidelines and procedures that constitute acceptable accounting practice at a
given time is GAAP, which stands for generally accepted accounting process.
TRUE 5. Classification reduces the effects of numerous transactions into useful groups or
categories.
TRUE 6. The liability of corporate stockholders is limited to the amount of their investment.
FALSE 7. The terms bookkeeping and accounting are synonymous.
TRUE 8. A corporation is an economic unit that is legally separate from its owners.