Identification

1. This means this selecting economic events that are

relevant to a particular business transaction.
2. It means keeping a chronological diary of events that are
measured in pesos.
3. This term is sometimes called diary in the business.
4. This occurs through the preparation and distribution of
financial and other accounting reports.
5. A systematic recording of financial transactions and the
presentation of the related information to appropriate
persons.
6. Who is the father of Accounting?
7. The oldest evidence of record keeping
practice .
8. This government agency sets accounting
standards, through laws.
9. What does CPA stands for?
10. The broadest branch and is focused on
the needs of external users.
Identify what branch of accounting renders the following services below.

• 11. Preparation of general-purpose financial

statements.
• 12. Evaluation of the performance of a sales
department .
• 13. Develop standards to address a new business set
up.
• 14. Review tax compliance of the business .
• 15. Evaluate whether a branch of the business
complies with the collection and deposit policy of the
• 16. Review whether the financial statements are
presented fairly and in compliance with accounting
standards .
• 17. Report on the spending of government funds.

• 18. Report on the total cost of materials and labor

used in the production.

• 19. Conducting lectures on accounting topics .

True /False
• 20. Accounting is considered as the language of
business.
• 21. Accounting is not a service activity.
• 22. Accounting is both an art and a discipline.
• 23. Accounting is a direct method, no need to
undergo process.
• 24. Accounting deals with financial information
and transactions.
• 25. Accounting does not helps the users of these financial
reports to see the true picture of the business in financial
terms.
• 26. Accounting is only useful in business not in daily activities
of every individual.
• 27. I may use accounting so that I can budget my allowance.
• 28. The subject matter of accounting research may include
information systems, auditing and assurance, corporate
governance, financials, managerial, and tax.
• 29. Government accounting deals with these transactions,
the recording of inflow and outflow of funds of the
government.
• 30. Accounting was used since 14th century up to this
moment.
Give the 3 kinds of financial reports.
Differentiate the two kinds of
auditing. 3pts each