FINANCIAL ACCOUNTING AND REPORTING

LEARNING MODULES

Review Questions
1. Define accounting.
2. Differentiate partnership from corporations.
3. What are the advantages and disadvantages of single proprietorship?
4. What type of business do “sari-sari stores” belongs to?
5. If you have only a limited amount of capital, what type of business activity will you
undertake?
6. Why does the government need accounting information from the firms?
7. As an owner of a business, is it necessary to know the financial health of your company?
8. If you are the manager, how does accounting information helps you in making decisions?
9. Why is the Bureau of Internal Revenue interested in the annual financial statements of
every business?
10. Supposing you are planning to invest in a company, how does accounting information
from your prospect company where you want to invest help you in your decision?
11. What accounting information do you want to know from your clients before granting
their loans?