accbp 2

64問 • 1年前

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includes the preparation of tax returns and the consideration of the tax consequences of proposed business transactions or alternative courses of action.

Taxation

As typically known, accountants involved in tax work are responsible for computing the amount of tax payable by both business entities and individuals.

Taxation

It is concerned with the identification of the sources and uses of resources consistent with the provisions of city, municipal, provincial or national laws.

Government Accounting

The government collects and spends huge amount of public funds annually so it is necessary that there is proper custody and disposition of these funds.

Government Accounting

Is the accountancy professions most significant service to the public

auditing

Is the independent examination that ensures the fairness and reliability of the reports that management submits to users outside the business entity

external audit

The result of the examinations is embodied in the independent auditors report

auditing

Once the required financial statements have been prepared by management they have to be evaluated in order to ensure that they do not present a distorted picture

auditing

Is a mechanical task involving the collection of basic financial data

bookkeeping

The data are first entered in the accounting records or THE BOOK OF ACCOUNTS, and then extracted, and classified and summarized in the form of INCOME STATEMENT, BALANCE SHEET, and CASH FLOW STATEMENTS

bookkeeping

In BOOKKEEPING, data are first entered in the accounting records or _____, and then extracted, and classified and summarized in the form of INCOME STATEMENT, BALANCE SHEET, and CASH FLOW STATEMENTS

THE BOOK OF ACCOUNTS

In BOOKKEEPING, data are first entered in the accounting records or THE BOOK OF ACCOUNTS, and then extracted, and classified and summarized in the form of _____, and _____

INCOME STATEMENT, BALANCE SHEET, and CASH FLOW STATEMENTS

Is the process that involves the recording of cost data in book of accounts

cast bookkeeping

It is therefore similar to bookkeeping exact that data are recorded in very much greater detail

cost bookkeeping

Makes use of those data once they have been extracted from the cost books in providing information for managerial planning and control

cost accounting

Deals with the collection, allocation, and control of the cost that producing specific goods and services

cost accounting

This accumulation and explanation of actual and prospective cost data is important to control current operations into plan for the future

cost accounting

Is focused on the recording of business transactions and the periodic preparation of reports and financial position and results of operations

financial accounting

Is the more specific term applied to the preparation and subsequent publication of highly summarized financial information

0 financial accounting

Are responsible for setting financial objectives, making plans based on those objectives, obtaining the finance needed to achieve the plans, and generally safeguarding all the financial resources of the entity

financial managers

It should also be noted that the ____ draws on a much wider range of the supreme (such as economics and mathematics) and relies more expensively on non-financial data then does the more traditional accountant

financial manager financial management

Incorporates cost accounting data and adapts them for specific decisions which management may be called upon to make

management accounting

Incorporates all types of financial and non-financial information from a wide range of sources

0 management accounting system

Includes the preparation of the tax returns and the consideration of tax consequences of proposed transactions or alternative courses of action

taxation or tax accounting

As typically known, accountants involved in tax work are responsible for computing the amount of tax payable by both business entities and individuals

taxation or tax accounting

It is concerned with the identification of the sources and uses of resources consistent with the provisions of city, municipal, provincial, or national laws

government accounting

The government collects and spends huge amount of public funds annually so it is necessary that there is proper custody and disposition of these funds

government accounting

This simply is a process of keeping financial accounts

accounting

What are the four definitions of accounting

statement of financial accounting standards number one statement of financial accounting concepts number one american accounting association american institute of certified public accountants

Statement of financial accounting standards number one Accounting meaning

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

Statement of financial accounting concepts number one Accounting meaning

accounting is an information system that measures, processes, and communicates financial information about an economic entity

American accounting association Accounting meaning

accounting is the process of identifying, measuring, and communicating economic information to permit inform judgements and decisions by users of the information

American institute of certified public accountants Accounting definition

accounting is the art of recording, classifying, and summarizing in a significant manner and in terms of money, transactions, and events which are, in part at least, of a financial character and interpreting the results thereof

Literally means keeping records of books of financial transactions

bookkeeping

A way of recording financial transactions using debits and credits

double entry bookkeeping

Amatino manucci

the inventor of double entry bookkeeping

The inventor of double entry bookkeeping

amatino manucci

He also constructed a comprehensive books of ledgers and gave importance to the aspect of financial control

amatino manucci

A FRANCISCAN FRIAR and the MATHEMATICIAN who is regarded as the "FATHER OF DOUBLE-ENTRY ACCOUNTING" because of his published books describing the practices of today's use of double entry bookkeeping

luca pacioli

LUCA PACIOLI is a ______ who is regarded as the "FATHER OF DOUBLE-ENTRY ACCOUNTING" because of his published books describing the practices of today's use of double entry bookkeeping

FRANCISCAN FRIAR and the MATHEMATICIAN

LUCA PACIOLI is a FRANCISCAN FRIAR and the MATHEMATICIAN who is regarded as the "______" because of his published books describing the practices of today's use of double entry bookkeeping

FATHER OF DOUBLE-ENTRY ACCOUNTING

One of his books is called "SUMMA" and this about essential things a merchant should know in bookkeeping

luca pacioli

One of LUCA PACIOLI's books is called "_____" and this about essential things a merchant should know in bookkeeping

SUMMA

A german academic published a book unifying the financial data used in different companies called "THE MODEL CHART OF ACCOUNTS"

eugen schmalenbach

EUGEN SCHMALENBACH is a german academic published a book unifying the financial data used in different companies called "______"

THE MODEL CHART OF ACCOUNTS

It is concerned with right and wrong and how conduct should be judged to be good or bad

ethics

Tells what is right or wrong in a business situation

business ethics

Tells what is right or wrong regarding a profession

professional ethics

Law enacted that requires all companies to report periodic financial statements

sarbanes-oxley act (sox)

This also provides provisions on integrity on audited reports and role of auditors and management

sarbanes-oxley act (sox)

In SUMMA, it is a book prepared in chronological order where a narrative description of the business economic events are recorded

memorandum

In SUMMA, the entries made here are one in currency, in chronological order, and in narrative form

journal

In SUMMA, it is an alphabetical listing of all the business accounts along with the running balance of each particular accounts

ledger

Accounting practices follow certain guidelines called

generally accepted accounting principles or gaap

It encompasses the conventions, rules, and procedures necessary to define accepted accounting principle of a particular time

generally accepted accounting principles or gaap

The general acceptance of an accounting principle usually depends on how well it meets three criteria namely:

relevance objectivity feasibility

A principle has _____ to the extent that it results in information that is meaningful and useful to those who need to know something about a certain organization

RELEVANCE

A principle has ____ to the extent that the resulting information is not influenced by the personal bias or judgement of those of furnish it

OBJECTIVITY

Connotes reliability and trustworthiness

OBJECTIVITY

It also connotes verifiability, which means that there is some way of finding out whether the information is correct

OBJECTIVITY

A principle has _____ to the extent that it can be implemented without undue complexity or cost

FEASIBILITY

Financial statements are normally prepared on the assumption that the reporting entity is a _______ and will continue an operation for the foreseeable future

going concern

It is assume that the entity has neither the intention northern need to enter liquidation or to cease trading

going concern

This assumption underlies the depreciation of assets over the useful life

going concern

Business Finance

Sab Sescon · 46問 · 2年前

Business Finance