暗記メーカー

暗記メーカー

​
ログイン

FAR 1

FAR 1
80問 • 2年前
  • Mark Anthony Germono
    • 通報

    問題一覧

  • 1

    The purpose of accounting is to provide financial information about a business to individuals and organizations.

    True

  • 2

    Since financial information is communicated, in accounting terms, accounting is said to be the language of business

    True

  • 3

    Reviewing the events that have taken place and determining how this affects the business is called interpreting

    False

  • 4

    A partnership is owned by stockholders or shareholders

    False

  • 5

    A business that makes a product to sell is called a manufacturing business

    True

  • 6

    Generally accepted accounting principles are procedures and guidelines to be followed in the accounting or reporting process

    True

  • 7

    Accountants design accounting information systems and analyze and interpret information

    True

  • 8

    A business entity is an individual, association, or organization with control over economic resources and which engages in economic activities

    True

  • 9

    It is not necessary to measure a business transaction in pesos

    False

  • 10

    According to the accounting entity concept, a proprietor may include nonbusiness assets and liabilities in the business entity's accounting records

    False

  • 11

    The matching of assets and expenses of a business of a periodic basis is referred to as the matching principle

    False

  • 12

    Accounting for revenue on a cash basis means that no entry of revenue is made in the account until the cash is received for the services performed

    True

  • 13

    Accounting is called the language of business

    True

  • 14

    Under the going concern assumption, the enterprise is assumed to have a definite life

    False

  • 15

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

    Cost Accounting

  • 16

    Known as the father of double entry accounting

    Luca Pacioli

  • 17

    The simplest form of business owned only by one individual

    Sole proprietorship

  • 18

    A business organization owned jointly by two or more persons

    Partnership

  • 19

    An organization of not less than five persons originally, whose capital is divided into shares of stocks

    Corporation

  • 20

    A business organization that render services

    Service oriented

  • 21

    A form of business that buys raw materials and transforms them into finished products

    Manufacturing

  • 22

    it's a form of business engage in buying and selling of goods

    Merchandising

  • 23

    A concept that treats a business as a unit separate and distinct from the owner or owners

    Entity concept

  • 24

    This principle requires that assets should be recorded initially at original acquisition cost

    Historical cost

  • 25

    Revenues are to be recognized when goods are delivered or services are rendered or performed

    Revenue recognition

  • 26

    This principle requires that expense should be recognized when incurred

    Expense recognition

  • 27

    The business life should be subdivided into time periods for reporting purposes

    Time period

  • 28

    This branch of accounting includes preparation of tax and determination of tax consequences of certain proposed business endeavor

    Tax accounting

  • 29

    Deals with the principles and procedures associated with the accounting for the national government and its political instrumentalities

    Government accounting

  • 30

    A branch of accounting that deals with the examination of financial statements by an independent certified public accountant

    Auditing

  • 31

    Is only concerned with information that is significant enough to affect evaluations and decisions

    Materiality

  • 32

    A principle requiring the same accounting method from period to period to achieve comparability

    Consistency

  • 33

    This branch of accounting is primarily concerned with the recording of business transaction and the eventual preparations of financial statements

    Financial accounting

  • 34

    It 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 decision.

    Accounting

  • 35

    The most common methods being used in modern accounting system

    Double-entry bookkeeping method

  • 36

    In accounting, properties are called assets and rights on properties are known as equities

    True

  • 37

    What accounting equation is correct?

    Assets equals equities

  • 38

    Are economic resources or things of value, owned and controlled by the enterprise

    Assets

  • 39

    These are derive from borrowings, contribution of owners and income from business operations.

    Assets

  • 40

    Represent the claim of the creditors or lenders and owners over the assets of the business

    Equities

  • 41

    The two sources of equities are from creditors and the owners

    True

  • 42

    Assets equals liabilities plus proprietorship

    Correct

  • 43

    The creditors shall obtain first priority over the assets of the business enterprise in case of liquidation

    True

  • 44

    Assets minus liabilities equals proprietorship

    Correct

  • 45

    The equity of the owner would only be the residual value of the business assets after the creditor's claim over the assets

    True

  • 46

    Increase in assets equals increase and proprietorship

    True

  • 47

    Increase in assets is decrease in liabilities

    False

  • 48

    Increase in one form of assets equals decrease in another form of assets

    True

  • 49

    Decrease in assets equals decrease in liabilities

    True

  • 50

    Increase in one form of liability equals decrease in another form of liability

    True

  • 51

    Decrease in assets equals increase in proprietorship

    False

  • 52

    Decrease in liability equals decrease in proprietorship

    False

  • 53

    The capital placed to start a business. This increases the proprietorship.

    Original capital investment

  • 54

    This also increases the proprietorship

    Additional capital investment

  • 55

    Capital withdrawn by the owner from the business. This decreases the proprietor ship.

    Withdrawals or drawing

  • 56

    Income or revenue from business, such as sale of services are merchandise or other income derived from the operation of the business can increase the proprietorship

    True

  • 57

    Deduction from income such as costs of merchandise sold, expenses incurred in the operation of the business and losses suffered can decrease the proprietorship

    True

  • 58

    Assets equals liabilities plus original capital plus additional investment minus withdrawal plus income minus deduction

    Correct expanded accounting equation

  • 59

    The information accumulated and processed in financial accounting is periodically communicated to the users

    Financial statements

  • 60

    Based on the Philippine accounting standards No.1, a complete set of financial statements include the following:

    Statement of profit or loss / income statement, Statement of changes in equity, Statement of financial position / balance sheet, Statement of cash flows for the period, Statement of comprehensive income, Notes, comprising a summary of a significant accounting policies, and other explanatory notes

  • 61

    A formal statement showing the performance of the enterprise for a given period of time

    Statement of profit or loss or income statement

  • 62

    It shows how additional investment accumulation of income or losses and withdrawals by the owner affected the capital account

    Statement of changes in equity

  • 63

    A formal statement showing the financial position of an enterprise as of a particular date

    Balance sheet

  • 64

    Both sides of the fundamental accounting equation not always be equal

    False

  • 65

    Liabilities represent an inside interest in a business

    False

  • 66

    To keep the fundamental accounting equation in balance, debits, and credits must be in balance, and equal amounts must be on each side of the equation

    True

  • 67

    The accounting equation shows the relationship among the three basic accounting elements which are assets, revenues, and owner's equity or proprietorship

    False

  • 68

    If owners, equity and liabilities, increase during the period then assets must also have increased

    True

  • 69

    Assets are things of value owned by a business entity

    True

  • 70

    Liabilities represent amount owed to creditors

    True

  • 71

    Revenues received during an accounting. Increase owners equity

    True

  • 72

    Defined as exchanges of values

    transactions

  • 73

    For every value received, there is an equal value parted with

    True

  • 74

    It means the recording has two parts. The left side and the right side.

    Double entry bookkeeping method

  • 75

    The left side is a credit and the right side is a debit

    False

  • 76

    The value received is the debit and the value parted with is the credit

    True

  • 77

    Assets are normally on the debit while Iiabilities and proprietorship are normally on the credit

    True

  • 78

    The accounting form used to record these changes is called

    Account

  • 79

    Used for convenience in locating a particular account in the ledger

    Account number

  • 80

    A group of accounts is called a ledger

    True

    • FAR Quizzers For Post Test And Term Examination

    FAR Quizzers For Post Test And Term Examination

    Mark Anthony Germono · 24問 · 1年前

    FAR Quizzers For Post Test And Term Examination

    FAR Quizzers For Post Test And Term Examination

    24問 • 1年前
    Mark Anthony Germono

    PART II: THEORY OF ACCOUNTS (FAR FINALS)

    PART II: THEORY OF ACCOUNTS (FAR FINALS)

    Mark Anthony Germono · 16問 · 1年前

    PART II: THEORY OF ACCOUNTS (FAR FINALS)

    PART II: THEORY OF ACCOUNTS (FAR FINALS)

    16問 • 1年前
    Mark Anthony Germono

    OBLIGATION

    OBLIGATION

    Mark Anthony Germono · 30問 · 1年前

    OBLIGATION

    OBLIGATION

    30問 • 1年前
    Mark Anthony Germono

    CONTRACTS

    CONTRACTS

    Mark Anthony Germono · 48問 · 1年前

    CONTRACTS

    CONTRACTS

    48問 • 1年前
    Mark Anthony Germono

    Doctrines and Principles - RRC

    Doctrines and Principles - RRC

    Mark Anthony Germono · 23問 · 1年前

    Doctrines and Principles - RRC

    Doctrines and Principles - RRC

    23問 • 1年前
    Mark Anthony Germono

    AFAR COMPRE

    AFAR COMPRE

    Mark Anthony Germono · 14問 · 1年前

    AFAR COMPRE

    AFAR COMPRE

    14問 • 1年前
    Mark Anthony Germono

    Taxation 1

    Taxation 1

    Mark Anthony Germono · 100問 · 2年前

    Taxation 1

    Taxation 1

    100問 • 2年前
    Mark Anthony Germono

    Taxation 2

    Taxation 2

    Mark Anthony Germono · 31問 · 2年前

    Taxation 2

    Taxation 2

    31問 • 2年前
    Mark Anthony Germono

    Business Taxation By Enrico D. Tabag

    Business Taxation By Enrico D. Tabag

    Mark Anthony Germono · 77問 · 2年前

    Business Taxation By Enrico D. Tabag

    Business Taxation By Enrico D. Tabag

    77問 • 2年前
    Mark Anthony Germono

    Business & Transfer Taxation by Rex B. Banggawan

    Business & Transfer Taxation by Rex B. Banggawan

    Mark Anthony Germono · 49問 · 2年前

    Business & Transfer Taxation by Rex B. Banggawan

    Business & Transfer Taxation by Rex B. Banggawan

    49問 • 2年前
    Mark Anthony Germono

    Chapter 1 - Business Tax

    Chapter 1 - Business Tax

    Mark Anthony Germono · 30問 · 2年前

    Chapter 1 - Business Tax

    Chapter 1 - Business Tax

    30問 • 2年前
    Mark Anthony Germono

    Chapter 2 - Business Tax

    Chapter 2 - Business Tax

    Mark Anthony Germono · 30問 · 2年前

    Chapter 2 - Business Tax

    Chapter 2 - Business Tax

    30問 • 2年前
    Mark Anthony Germono

    Other Percentage Tax

    Other Percentage Tax

    Mark Anthony Germono · 15問 · 2年前

    Other Percentage Tax

    Other Percentage Tax

    15問 • 2年前
    Mark Anthony Germono

    Chapter 1 - Multiple Choice Business Tax

    Chapter 1 - Multiple Choice Business Tax

    Mark Anthony Germono · 10問 · 2年前

    Chapter 1 - Multiple Choice Business Tax

    Chapter 1 - Multiple Choice Business Tax

    10問 • 2年前
    Mark Anthony Germono

    Management Advisory Services

    Management Advisory Services

    Mark Anthony Germono · 79問 · 2年前

    Management Advisory Services

    Management Advisory Services

    79問 • 2年前
    Mark Anthony Germono

    MAS Post Test 01

    MAS Post Test 01

    Mark Anthony Germono · 33問 · 2年前

    MAS Post Test 01

    MAS Post Test 01

    33問 • 2年前
    Mark Anthony Germono

    Auditing Theory Part 1

    Auditing Theory Part 1

    Mark Anthony Germono · 70問 · 2年前

    Auditing Theory Part 1

    Auditing Theory Part 1

    70問 • 2年前
    Mark Anthony Germono

    Auditing Thoery Part 2

    Auditing Thoery Part 2

    Mark Anthony Germono · 58問 · 2年前

    Auditing Thoery Part 2

    Auditing Thoery Part 2

    58問 • 2年前
    Mark Anthony Germono

    Auditing Theory - Handouts Based

    Auditing Theory - Handouts Based

    Mark Anthony Germono · 10問 · 2年前

    Auditing Theory - Handouts Based

    Auditing Theory - Handouts Based

    10問 • 2年前
    Mark Anthony Germono

    Auditing Theory - Post Test

    Auditing Theory - Post Test

    Mark Anthony Germono · 60問 · 2年前

    Auditing Theory - Post Test

    Auditing Theory - Post Test

    60問 • 2年前
    Mark Anthony Germono

    AFAR

    AFAR

    Mark Anthony Germono · 48問 · 1年前

    AFAR

    AFAR

    48問 • 1年前
    Mark Anthony Germono

    問題一覧

  • 1

    The purpose of accounting is to provide financial information about a business to individuals and organizations.

    True

  • 2

    Since financial information is communicated, in accounting terms, accounting is said to be the language of business

    True

  • 3

    Reviewing the events that have taken place and determining how this affects the business is called interpreting

    False

  • 4

    A partnership is owned by stockholders or shareholders

    False

  • 5

    A business that makes a product to sell is called a manufacturing business

    True

  • 6

    Generally accepted accounting principles are procedures and guidelines to be followed in the accounting or reporting process

    True

  • 7

    Accountants design accounting information systems and analyze and interpret information

    True

  • 8

    A business entity is an individual, association, or organization with control over economic resources and which engages in economic activities

    True

  • 9

    It is not necessary to measure a business transaction in pesos

    False

  • 10

    According to the accounting entity concept, a proprietor may include nonbusiness assets and liabilities in the business entity's accounting records

    False

  • 11

    The matching of assets and expenses of a business of a periodic basis is referred to as the matching principle

    False

  • 12

    Accounting for revenue on a cash basis means that no entry of revenue is made in the account until the cash is received for the services performed

    True

  • 13

    Accounting is called the language of business

    True

  • 14

    Under the going concern assumption, the enterprise is assumed to have a definite life

    False

  • 15

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

    Cost Accounting

  • 16

    Known as the father of double entry accounting

    Luca Pacioli

  • 17

    The simplest form of business owned only by one individual

    Sole proprietorship

  • 18

    A business organization owned jointly by two or more persons

    Partnership

  • 19

    An organization of not less than five persons originally, whose capital is divided into shares of stocks

    Corporation

  • 20

    A business organization that render services

    Service oriented

  • 21

    A form of business that buys raw materials and transforms them into finished products

    Manufacturing

  • 22

    it's a form of business engage in buying and selling of goods

    Merchandising

  • 23

    A concept that treats a business as a unit separate and distinct from the owner or owners

    Entity concept

  • 24

    This principle requires that assets should be recorded initially at original acquisition cost

    Historical cost

  • 25

    Revenues are to be recognized when goods are delivered or services are rendered or performed

    Revenue recognition

  • 26

    This principle requires that expense should be recognized when incurred

    Expense recognition

  • 27

    The business life should be subdivided into time periods for reporting purposes

    Time period

  • 28

    This branch of accounting includes preparation of tax and determination of tax consequences of certain proposed business endeavor

    Tax accounting

  • 29

    Deals with the principles and procedures associated with the accounting for the national government and its political instrumentalities

    Government accounting

  • 30

    A branch of accounting that deals with the examination of financial statements by an independent certified public accountant

    Auditing

  • 31

    Is only concerned with information that is significant enough to affect evaluations and decisions

    Materiality

  • 32

    A principle requiring the same accounting method from period to period to achieve comparability

    Consistency

  • 33

    This branch of accounting is primarily concerned with the recording of business transaction and the eventual preparations of financial statements

    Financial accounting

  • 34

    It 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 decision.

    Accounting

  • 35

    The most common methods being used in modern accounting system

    Double-entry bookkeeping method

  • 36

    In accounting, properties are called assets and rights on properties are known as equities

    True

  • 37

    What accounting equation is correct?

    Assets equals equities

  • 38

    Are economic resources or things of value, owned and controlled by the enterprise

    Assets

  • 39

    These are derive from borrowings, contribution of owners and income from business operations.

    Assets

  • 40

    Represent the claim of the creditors or lenders and owners over the assets of the business

    Equities

  • 41

    The two sources of equities are from creditors and the owners

    True

  • 42

    Assets equals liabilities plus proprietorship

    Correct

  • 43

    The creditors shall obtain first priority over the assets of the business enterprise in case of liquidation

    True

  • 44

    Assets minus liabilities equals proprietorship

    Correct

  • 45

    The equity of the owner would only be the residual value of the business assets after the creditor's claim over the assets

    True

  • 46

    Increase in assets equals increase and proprietorship

    True

  • 47

    Increase in assets is decrease in liabilities

    False

  • 48

    Increase in one form of assets equals decrease in another form of assets

    True

  • 49

    Decrease in assets equals decrease in liabilities

    True

  • 50

    Increase in one form of liability equals decrease in another form of liability

    True

  • 51

    Decrease in assets equals increase in proprietorship

    False

  • 52

    Decrease in liability equals decrease in proprietorship

    False

  • 53

    The capital placed to start a business. This increases the proprietorship.

    Original capital investment

  • 54

    This also increases the proprietorship

    Additional capital investment

  • 55

    Capital withdrawn by the owner from the business. This decreases the proprietor ship.

    Withdrawals or drawing

  • 56

    Income or revenue from business, such as sale of services are merchandise or other income derived from the operation of the business can increase the proprietorship

    True

  • 57

    Deduction from income such as costs of merchandise sold, expenses incurred in the operation of the business and losses suffered can decrease the proprietorship

    True

  • 58

    Assets equals liabilities plus original capital plus additional investment minus withdrawal plus income minus deduction

    Correct expanded accounting equation

  • 59

    The information accumulated and processed in financial accounting is periodically communicated to the users

    Financial statements

  • 60

    Based on the Philippine accounting standards No.1, a complete set of financial statements include the following:

    Statement of profit or loss / income statement, Statement of changes in equity, Statement of financial position / balance sheet, Statement of cash flows for the period, Statement of comprehensive income, Notes, comprising a summary of a significant accounting policies, and other explanatory notes

  • 61

    A formal statement showing the performance of the enterprise for a given period of time

    Statement of profit or loss or income statement

  • 62

    It shows how additional investment accumulation of income or losses and withdrawals by the owner affected the capital account

    Statement of changes in equity

  • 63

    A formal statement showing the financial position of an enterprise as of a particular date

    Balance sheet

  • 64

    Both sides of the fundamental accounting equation not always be equal

    False

  • 65

    Liabilities represent an inside interest in a business

    False

  • 66

    To keep the fundamental accounting equation in balance, debits, and credits must be in balance, and equal amounts must be on each side of the equation

    True

  • 67

    The accounting equation shows the relationship among the three basic accounting elements which are assets, revenues, and owner's equity or proprietorship

    False

  • 68

    If owners, equity and liabilities, increase during the period then assets must also have increased

    True

  • 69

    Assets are things of value owned by a business entity

    True

  • 70

    Liabilities represent amount owed to creditors

    True

  • 71

    Revenues received during an accounting. Increase owners equity

    True

  • 72

    Defined as exchanges of values

    transactions

  • 73

    For every value received, there is an equal value parted with

    True

  • 74

    It means the recording has two parts. The left side and the right side.

    Double entry bookkeeping method

  • 75

    The left side is a credit and the right side is a debit

    False

  • 76

    The value received is the debit and the value parted with is the credit

    True

  • 77

    Assets are normally on the debit while Iiabilities and proprietorship are normally on the credit

    True

  • 78

    The accounting form used to record these changes is called

    Account

  • 79

    Used for convenience in locating a particular account in the ledger

    Account number

  • 80

    A group of accounts is called a ledger

    True