May mga sagot akong nailagay na 1st, 2nd, 3rd at 4th.

Ang ibig sabihin mga iyon ay haba ng sentence.

Pinakamahaba ay 1st at pinakamaiksi ay 4th.

Kapag hindi lumabas ang tanong 2nd Attempt lalabas na ang tanong

Which of the following is an internal user of the financial data?

-Management

A person with knowledge of accounting, who does the routine work of recording, classifying, and summarizing phases of accounting.

-Bookkeeper

Creditors information needs involve making all of the following decisions, except:

-Whether or not to sell goods and services on account basis

Accounting and bookkeeping are synonymous.

-False

Which of the following is the most appropriate definition for Accountancy?

- Accountancy refers to the art of classifying the recorded transactions under their respective accounts

Which is the last step of accounting as a process of information?

- Interpret financial data

Government agency gives a CPA certificate to an accountant after he passes a series of rigorous examinations administered by the Board
of Accountancy (BOA).

-PRC

A corporation can extend its life for a period not exceeding

- 50 years

Accounting involves communication.

-True

Which financial statement displays the revenues and expenses of a company for a period of time?

- Income Statement

Information is cost effective when:

-The value of the information exceeds the cost of producing it.

Which of the following statements are true? (Financial Statements)

= Both 1 and 2 [My dalawa ganitong tanong pero pareho ang kanilang sagot]

The statement of financial position and the balance sheet are synonyms.

= True

The external user of accounting information is the:

= Customer
A business ownership capitalization divided into hundreds or thousands of transferable shares of stock and must have at least five
owners or investors.

= Corporation

Which of the following is not true? (Accounting)

= 2nd

Creditors information needs involve makingall of the following decisions,except:

=d. Whether or not to sell goods and serviceson accountbasis

An Italian mathematician and known as the father of modern accounting who introduced the modern double-entry bookkeeping system
in 1494 at Venice in Italy.

= Luca Pacioli

The period covered by the prepared financial statements:

d. Cannot be longer than 12 months.

Which of the following is a mechanical aspect of accounting?

b. Reviewing the effectiveness of the internal control procedures

Private accounting, as a sub-discipline of accounting, includes:

= Management Accounting [Dobleng Tanong]

Public Accounting, as a sub-discipline of accounting, includes:

=d. Managerial Advisory services

Accounting deals with quantifiable information.

= True [Dobleng Tanong]

Sole proprietors are personally liable for all debts and obligations of their businesses.

=a. True

Which of the following is not a part of the functions of the accounting system?

= Preparing....

It deals with recording, classifying and summarizing the details of materials, labor and overhead necessary to produce and sell product or
service.

C - Cost Accounting

The term book keeping and accountancy can be used interchangeably.

b. True

Person who manages all of a firm's accounting activities.

= Controller

Which financial statement is used to show what the firm owns?

d. Balance sheet
A business that is owned by one person.

c. Sole Proprietorship

A person who is responsible for the formation and molding the mind of competitive accountants and consultants.

A - Accounting professor

Choose the correct statement

= 4th [Dobleng Tanong]

A person who is responsible for the formation and molding the mind of competitive accountants and consultants.

A - Accounting professor

The chief accounting officer of a medium-sized or large business enterprise.

= Controller

A principal may be held for the actions of an independent contractor.

-True

Which of the following is a mechanical aspect of accounting?

= Analyzing.... [Dobleng question]

Sole proprietors are personally liable for all debts and obligations of their businesses.

-True

Services performed by service companies may include all of the following, EXCEPT:

No correct answer

The form of business organization that has the largest sales volume is the:

Cooperative

Which of the following is an advantage of sole proprietorship?

c. All of the answer is correct

Certain assumptions are essential to prepare financial statements.

= True

The basic function of financial accounting is to:

= Interpret.... [Nakadobleng tanong 'to]

Accounting involves communication.

= True [Doblebg Tanong]

Which is the last step of accounting as a process of information?

= Preparation [Dobleng Tanong]

Accounting is the language of business.

= True [Dobleng Tanong]

Which of the following would be classified as external users of financial statements?

= The creditors....

___ in the history of accounting this city is known as the city of commerce.

= Babylonia

The term book keeping and accountancy can be used interchangeably.

= True

This branch involves the preparation of tax returns and the rendering of tax advice to clients, such as determination and verification of
tax consequences, the effect of taxes in the business operations, tax minimization through legal means, and the like.

= Tax Accounting

Accounting is also defined as an "Information System" because?

= 1st

Profit and Loss (P&L) statement is also known as

= Statement of Income

Interpretation of Account is the

= All are correct answer

Refers to the recording, presentation, and analysis of manufacturing costs.

= Cost Accounting

Accounting is the process of matching

= Revenues and Costs

Accounting and bookkeeping are synonymous.

= False

Accounting aims to communicate financial information to investors only.

= False

Which of the following is more appropriate definition for Accountancy?

= refers art of classifying.... [May 2 ganitong tanong. Isang multiple choice at isang fill the blank.]

The area of accounting that relates to providing audit, tax, and consulting services to clients.

= Public Accounting

Which of the following statement is not true?

= To be good accountant.... [Nakadoble tanong 'to]

Which of the following statement is? Not? Correct?

= Being a bookkeeper requires the same kind of training and preparation as that of being an accountant.

Which of the following statements are true? (Analysis)

= I, II, III

The area of the accounting profession that deals with providing information to meet the needs of the internal decision-makers.

= Management Accounting

Accounting provides information on

= All of the correct answer are correct

Public Accounting, as a sub-discipline of accounting, includes:

= Managerial Advisory Service [Dobleng Tanong]

Accounting in modern age is regarded as?

= 1st

___ is the process which provides information needed as a basis of making business decisions.

= decision making

Which of the following statement is not correct?

Being a bookkeeper requires the same kind of training and preparation as that of being an accountant.

The accounting cycle begins by recording _____________ in the form of journal entries.

Business Transactions

A chart of accounts is limited to 50 accounts.

True

Which is NOT a type of adjusting entry?

Unearned expenses

Rent is prepaid for an office for the business, is the accounting entry to the to the prepaid rent account a debit or a credit?

debit

Debit and credit rules for accounts on one side of the accounting equation are mirror images of those on the

True

Which of the following is never debited when making closing entries?

Expenses

Supplies are purchased for cash, is the double entry posting to the supplies on hand account a debit or credit entry?

debit

The payment of a liability is recorded by a debit to the liability account and a credit to the owner's capital account.

False
The business carried out work for a customer and was paid in cash, is the entry to the revenue account a debit or a credit?

Credit

Cash paid to a supplier for goods supplied by them on credit terms, is the entry to accounts payable a debit or credit entry?

debit

A form of discount granted by a retailer to encourage a customer to buy the goods is called:

Sales discount

Which of the following accounts is not an asset?

Unearned commission

Information is cost effective when:

The value of the information exceeds the cost of producing it.

Accounting involves communication.

True

Which of the following is not an acceptable basis of recognizing expenses?

Critical measurement

A supporting document prepared by a seller that is used as an evidence of a downward adjustment in the amount that is due from a customer is
known as:

Credit Memorandum.

Work was completed and invoiced to a customer for payment within 30 days, is the posting to accounts receivable a debit or a credit?

Credit

Person who manages all of a firm's accounting activities.

Controller

Which of the following expenses is recognized under the direct association with revenue criterion?

Salesmen's commission

Which of the following is an asset account?

Prepaid Insurance

Accounting provides information on

Financial conditions of an institution

Government agency gives a CPA certificate to an accountant after he passes a series of rigorous examinations administered by the Board of
Accountancy (BOA).

PRC

Equity is shown in which financial statement?

Balance Sheet
The income statement shows which of the following?

Income and expenses

Which of the following account titles will not appear in the balance sheet of a single proprietorship?

Share capital appears in the Balance Sheet of a corporation

The purchase of a new delivery truck to be used in the business?

Investing

Which of the following is an asset account?

Prepaid insurance

Which of these is not a Financial Statement?

Cash book

An increase in the balance in Accounts payable.

Operating

Which of the following is a current asset

All other choices are non-current or fixed assets.

The term operating, financing and investing as used to categorize what type of item?

Cash flow

Inventory and accounts receivable are classified in the balance sheet as?

Current assets

Which of the following is NOT part of the cost of inventory purchased?

Freight out

Which of the following accounts will normally appear in the ledger of a merchandising company that uses a perpetual inventory system?

Cost of goods sold

Noted: yong iba na hindi lalabas nasa brainly or commonsense lang ang tanong na iba binabago kasi yong tanong

Which of the following is NOT considered revenue?

Deferred Revenue

The business carried out work for a customer and was paid in cash, is the entry to the revenue account a debit or a credit?

Credit

Information is material if:

Its omission or misstatement could influence the economic decisions of users taken on the basis of the financial statements.

The accounting cycle begins by recording _____________ in the form of journal entries.

Business Transactions
Accounting is the language of business.

True

Which of the following statements is? incorrect?

The business enterprise must have ownership over the items reported as business assets.

When does an accountant record a transaction?

If it is materialized by a concrete document

Financial statements are prepared:

Primarily for the benefit of persons outside of the business organizations

Information is cost effective when:

The value of the information exceeds the cost of producing it.

Which financial statement is used to show what the firm owns?

Balance sheet

Which is the last step of accounting as a process of information?

Preparation of financial statement

Probable future sacrifices of economic benefits arising from past transactions are known as:

Liabilities

All entries must be supported by a source document.

True

Government agency gives a CPA certificate to an accountant after he passes a series of rigorous examinations administered by the Board of
Accountancy (BOA).

PRC

What are the accounting standards issued by the IASB called?

International Financial Reporting Standards

The basic function of financial accounting is to

Interpret financial data

Which is the last step of accounting as a process of information?

Preparation of financial statement

Which of the following is more appropriate definition for Accountancy?

Accountancy refers to the art of classifying the recorded transactions under their respective accounts

A loan can be described as a short-term loan of the period is:

Less than 1 year

The basic purpose of accounting is to:

Meet an organization's need for accounting information as efficiently as possible.

A one year reporting period that begins on January 1 ends on December 31 is:

Calendar year reporting period

A business transaction can affect two accounts on the same side of the accounting equation and still leave the equation in balance.

True

The type of accounting which reports on the performance of the firm to essential external users.

Financial accounting

Which of the following is not a characteristics of an economic resource so that it could be classified as an asset of the business?

The economic resource has physical existence.

Although accounting information is used by a wide variety of external parties, financial reporting is primarily directed toward the information
needs of:

Investors and creditors

Financially, shareholders are rewarded by

Dividends

The four principal qualitative characteristics of useful financial statements are:

Understandability, relevance, reliability, comparability

The top of the T account is used for account titles. Credits are entered on the left side of the T; debits, on the right.

False

Every transaction affects two or more accounts and is recorded by equal amounts of debits and credits.

True

Which of the following groups use financial accounting?

All of the answers correct

Which of the following is never debited when making closing entries?

Expenses

An asset account appears on the right side of the accounting equation and is also increased on the right side of its T account.

False

Accounting aims to communicate financial information to investors only.

False

Accounting involves communication.

True

Cash paid to a supplier for goods supplied by them on credit terms, is the entry to accounts payable a debit or credit entry?

Debit
Which financial statement displays the revenues and expenses of a company for a period of time?

Income Statement

Accounting deals with quantifiable information.

True

The liabilities that are payable in more than a year and are not be liquidated from current assets.

Fixed liabilities

Which of the following statements is false?

Owner's equity can be bigger than the total assets.

Temporary accounts would include:

Drawing, income and expenses

Accounting provides information on

All of the answers correct

Amount generated from sales in a business is called:

Income

The debts which are to be repaid within a short period (year or less) are known as

Current liabilities

Which of the following will not be reported in the statement of changes in equity?

Proceeds from the sale of the building

All of the following are characteristics of managerial accounting, except:

Information must be developed in conformity with generally accepted accounting principles or with income tax regulations.

A credit to an account always increases it: a debit to an account always deceases it.

False

Person who manages all of a firm's accounting activities.

Controller

It is usually used in connection with activities and events that result to the inflow of assets and/or outflow of liabilities.

Income

The term book keeping and accountancy can be used interchangeably.

True

The basic function of financial accounting is to

Interpret financial data