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  • 問題数 100 • 8/14/2024

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    問題一覧

  • 1

    is a service activity

    accounting

  • 2

    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 STANDARDS NO.1)

    accounting

  • 3

    Its function is to provide quantitative information, primarily financial in nature, about economic entities that is intended to be useful in making economic decisions. (_______)

    accounting STATEMENT OF FINANCIAL ACCOUNTING STANDARDS NO.1

  • 4

    Is an information system that measures, processes and communicates financial information about an economic entity. (STATEMENT OF FINANCIAL ACCOUNTING CONCEPTS NO.1)

    accounting

  • 5

    Is an information system that measures, processes and communicates financial information about an economic entity. (_____)

    accounting STATEMENT OF FINANCIAL ACCOUNTING CONCEPTS NO.1

  • 6

    Is the process of identifying, measuring, and communicating economic information to permit inform judgements and decisions by users of the information. (_______)

    accounting AMERICAN ACCOUNTING ASSOCIATION

  • 7

    Is the process of identifying, measuring, and communicating economic information to permit inform judgements and decisions by users of the information. (AMERICAN ACCOUNTING ASSOCIATION)

    accounting

  • 8

    The ______ is built on FIVE activities

    FUNDAMENTAL BUSINESS MODEL

  • 9

    The FUNDAMENTAL BUSINESS MODEL is built on _____ activities

    FIVE

  • 10

    It can be converted into another type of asset that will be used in the business (e.g equipment) or sold (e.g. inventory)

    cash

  • 11

    This can be spent on operating costs such as salaries, rentals and utilities

    cash

  • 12

    They provide the required capital for the business

    investors

  • 13

    Types of business

    services trader manufacturer raw materials infrastructure financial insurance

  • 14

    Forms of business organization

    sole proprietorship partnership corporation

  • 15

    This business organization has a single owner called the PROPRIETOR who generally is also the MANAGER.

    sole proprietorship

  • 16

    SOLE PROPRIETORSHIP has a single owner called the ____ who generally is also the _______.

    PROPRIETOR MANAGER

  • 17

    Tends to be small service type (e.g. physicians, lawyers, and accountants) businesses and retail establishments

    sole proprietorship

  • 18

    The owner receives all the profits, absorbs all losses and this solely responsible for all debt of the business

    sole proprietorship

  • 19

    Is distinct from its proprietor

    sole proprietorship

  • 20

    The accounting records of _____ does not include the proprietor's financial records

    sole proprietorship

  • 21

    A business owned and operated by TWO OR MORE PERSONS who bind themselves to contribute money, property, or industry to a common fund, with the intention of dividing the profits among themselves

    partnership

  • 22

    A PARTNERSHIP is owned and operated by _______ who bind themselves to contribute money, property, or industry to a common fund, with the intention of dividing the profits among themselves

    TWO OR MORE PERSONS

  • 23

    Each partner is personally liable for any debt incurred by the partnership

    partnership

  • 24

    Accounting considers the partnership as a _____, DISTINCT from the personal affairs of each partner

    separate organization

  • 25

    Business owned by its stockholders

    corporation

  • 26

    corporation is owned by

    stockholders

  • 27

    It is an ARTIFICIAL BEING created by operation of law, having the rights of succession and the powers, attributes, and properties expressly authorized by law or incident to its existence

    corporation

  • 28

    Are not personally liable for the corporation debts

    stockholders

  • 29

    Is a separate legal entity

    corporation

  • 30

    Corporation is a

    separate legal entity

  • 31

    Activities in business organization

    financing activities investing activities operating activities

  • 32

    Are the methods an organization uses to obtain financial resources from financial markets and how it manages these resources

    financing activities

  • 33

    Primary sources of financing

    owners and creditors

  • 34

    Examples of creditors

    banks and suppliers

  • 35

    Prepaying the creditors and paying a return to the owner are also

    financing activities

  • 36

    Involve the selection and management including disposal and replacement of long term resources that will be used to develop, produce, and sell goods and services

    investing activities

  • 37

    Include buying land, equipments, buildings and other resources that are needed in the operation of the business and selling these resources when they are no longer needed

    investing activities

  • 38

    Involve the use of resources to design, produce, distribute, and market goods and services

    operating activities

  • 39

    Include research and development, design and engineering, purchasing, human resources, production, distribution, marketing, and selling and servicing

    operating activities

  • 40

    Are the economic activities of a business

    business transactions

  • 41

    Recording these historical events as a significant function of accounting

    business transactions

  • 42

    A significant function of accounting

    recording historical events or business transactions

  • 43

    Are produced to aid management and planning, control and decision making and to comply with regulations

    accounts

  • 44

    Before the effects of transactions can be recorded, they must be

    measured

  • 45

    In order that accounting information will be useful, it must be expressed in terms of

    common financial denominator —money

  • 46

    A common financial denominator

    money

  • 47

    Serves as both a medium of exchange and measure of value

    money

  • 48

    Money serves as both a

    medium of exchange measure of value

  • 49

    To measure a business transaction the accountant must decide when the transaction occurred (_____) what value to place on the transaction (VALUATION ISSUE) and how the components of the transaction should be classified (CLASSIFICATION ISSUE)

    RECOGNITION ISSUE

  • 50

    To measure a business transaction the accountant must decide when the transaction occurred (RECOGNITION ISSUE) what value to place on the transaction (______) and how the components of the transaction should be classified (CLASSIFICATION ISSUE)

    VALUATION ISSUE

  • 51

    To measure a business transaction the accountant must decide when the transaction occurred (RECOGNITION ISSUE) what value to place on the transaction (VALUATION ISSUE) and how the components of the transaction should be classified (_______)

    CLASSIFICATION ISSUE

  • 52

    To be useful in making decisions, the recorded data must be

    classified and summarized

  • 53

    Reduces the effects of numerous transactions into useful groups or categories

    classification

  • 54

    ______ of financial data is achieved through the preparation of financial statements

    summarization

  • 55

    These summarize the effects of all business transactions that occur during some period

    financial statements

  • 56

    Summarization of financial data is achieved through the preparation of _______

    financial statements

  • 57

    After going through the preceding faces it is imperative but the result of the summarization phase be _____ to evaluate the liquidity profitability and solvency of the business organization

    INTERPRETED or ANALYZED

  • 58

    Provides the decision makers with information to make reason choices among alternative uses of scarce resources in the conduct of business and economic activities

    accounting

  • 59

    What are the four fundamental concepts

    entity concept periodicity concept stable monetary unit concept going concern

  • 60

    Is an organization a section of an organization that stands apart from other organizations and individuals as a separate economic unit

    accounting entity

  • 61

    An accounting entity is an organization or a section of an organization that stands apart from other organizations and individuals as a separate economic unit

    entity concept

  • 62

    An entity's life can be meaningfully subdivided into equal time periods for reporting purposes

    periodicity concept

  • 63

    It will be aimless to wait for the actual last day of operations to perfectly measure the entities profit

    periodicity concept

  • 64

    The concept allows the users to obtain timely information to serve as a basis on making decisions about future activities

    periodicity concept

  • 65

    For the purpose of reporting to others, ______ is the usual accounting period

    one year

  • 66

    Is a reasonable unit of measure and that its purchasing power is relatively stable

    stable monetary unit concept

  • 67

    Is a reasonable unit of measure on that its purchasing power is relatively stable

    philippine peso stable monetary unit concept

  • 68

    It allows accountants to add and subtract peso amounts as though each peso has the same purchasing power as any other peso anytime

    stable monetary unit concept

  • 69

    This is the basis for ignoring the effects of inflation in the accounting records

    stable monetary unit concept

  • 70

    what are the seven basic principles

    objectivity principle historical cost revenue recognition principle expense recognition principle adequate disclosure materiality consistency principle

  • 71

    Accounting records and statements are based on the most reliable data available and so that they will be as accurate as possible

    objectivity principle

  • 72

    ______ are verifiable when they can be confirmed by independent observation

    Reliable data objectivity principle

  • 73

    Ideally, accounting records are based on information that flows from activities documented by objective evidence

    objectivity principle

  • 74

    Without this principle, accounting records would be based on whims and opinions and therefore subject to disputes

    objectivity principle

  • 75

    States that acquired assets should be recorded as their actual cost and not at what management thinks they are worth as at reporting date

    historical cost

  • 76

    Revenue is to be recognized in the accounting period when goods are delivered or services are rendered or performed

    revenue recognition principle

  • 77

    Expenses should be recognized in the accounting period in which goods and services are used up to produce revenue and not when the entity pays for those goods and services

    expense recognition principle

  • 78

    Requires that all relevant information that would affect the users understanding and assessment of the accounting entity be disclosed in the financial statements

    adequate disclosure

  • 79

    Is only concerned with information that the significant enough to affect evaluations in decisions

    financial reporting

  • 80

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

    materiality

  • 81

    Depends on the size and nature of the item judged in the particular circumstances of its omission

    materiality

  • 82

    In deciding whether an item or an aggregate of items is material, the nature and size of the item are evaluated together

    materiality

  • 83

    The firm should use the same accounting method from period to period to achieve comparability over time

    consistency principle

  • 84

    What are the eight branches of accounting

    auditing bookkeeping cost bookkeeping, costing and cost accounting financial accounting financial management management accounting taxation government accounting

  • 85

    Is the accountancy professions most significant service to the public

    auditing

  • 86

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

    auditing

  • 87

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

    auditing

  • 88

    Is a mechanical task involving the collection of basic financial data

    bookkeeping

  • 89

    The data are first entered in the accounting records or the books of accounts, and then extracted, classified and summarized in the form of income statement, balance sheet and cash flows statement.

    bookkeeping

  • 90

    Is the process that involves the recording of cost data in books of accounts.

    cost bookkeeping

  • 91

    It is, therefore, similar to bookkeeping except that data are recorded in very much greater detail.

    Cost Bookkeeping, Costing, and Cost Accounting

  • 92

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

    Cost Bookkeeping, Costing, and Cost Accounting

  • 93

    deals with the collection, allocation, and control of the cost of producing specific goods and services.

    Cost Bookkeeping, Costing, and Cost Accounting

  • 94

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

    Cost Bookkeeping, Costing, and Cost Accounting

  • 95

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

    Financial Accounting

  • 96

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

    Financial Accounting

  • 97

    ______ 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 Financial Management

  • 98

    It should also be noted that the _____ draws on a much wider range of disciplines (such as economics and mathematics) and relies more extensively on non-financial data than does the more traditional accountant.

    financial manager Financial Management

  • 99

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

    Management Accounting

  • 100

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

    Management Accounting