QUALI

100問 • 6ヶ月前

問題一覧

It is a process of identifying, recording, and communicating economic information that is useful in making economic decisions

accounting

In this element, the accountant analyzes each business transaction and identifies whether the transaction is an accountable event or non accountable event

identifying

The accountant recognizes the identified “accountsble events” this process is called journalizing

recording

At the end of each accounting period, the accountant summarizes the information processed in the accounting system in order to produce meaningful reports

communicating

Information expressed in numbers, quantities, or units

quantitative information

Information expressed in words are descriptive form.

qualitative information

Information expressed in money

financial information

In accounting system, a system is one that consists of input, process, and an output. Which of the following is correct?

the input are the accountable events, the process are recording and classifying, and the output is summarizing

Although bookkeeping function is part of accounting, bookkeeping and accounting are not the same. Which of the statement is correct

D. Unlike bookkeepers, accounting doesn’t have to always provide information to internal and external users because it can be provide by the bookkeepers

Accounting is often referred to as the language of business because it is fundamental to the communication of financial information. Which of the following is the two broad function in a business

to provide external users with information that is useful in investment and credit decisions and for internal users that useful for managing the business

Accounting is a body of knowledge which has been systematically gathered, classified, and organized

social science

Accounting requires the use of creative skills amd judgment

practical art

These users are the one who directly involved in managing the business

internal users

These users are not directly involve in managing the business

external users

This information is designed to meet the common needs of most statement users

general purpose accounting information

This information is designed to meet the specific needs of particular statement users. It is provided by the management accounting

special purpose accounting information

It is the branch of accounting that focuses on general purpose financial statement

financial accounting

It is the structured representation of an entity’s financial position and results of its operation

financial statements

It includes the financial statement plus other information provided outside the financial statements

financial report

It involves the accumulation and communication of information for use by internal users

management accounting

It refers to the accounting for the government and its instrumentalities, focusing attention on custody of public funds and purpose or purposes

government auditing

It involves the inspection of an entity’s financial statement or business process to ascertain their correspondence with established criteria

auditing

It is the preparation of tax returns and rendering of tax advice

tax accounting

It is the systematic recording and analysis of the costs of material, labor, and overhead incident to the production of goods

cost accounting

It pertains to the careful analysis of economic events and other variables to understand their impact on decisions

accounting research

It is an activity where goods or services are exchsnged for money

business

It is a set of logical ideas and procedures that guide the accountanct in recording and communicating economic information

accounting concepts and principle

These characterisitcs support fundamental characteristics and enhance the usefulness of information except one

relevance

These are the economic resources you control that have resulted from past events and can provide you with economic benefits

assets

These are your present obligation that have resulted from past events and can require you to give up economic decisions

liabilities

It increases in economic benefits during the period in the form of decreases in assets, or decreases in liabilities

income

These are decreases in economic benefit during the period in the form of decreases in assets, or increases in liabilities

expense

It is the basic storage of information in accounting

account

An account title may be depicted through a T - account analysis which has three parts except one

major account

It is a list of all the accounts used by a business

chart of accounts

It is called the book of original entries. An accounting record where business transaction are first recorded.

journal

It is used to record sales on account

sales journal

It is used to record purchase of inventory on account

purchase journal

It is used to record all transaction involving cash receipts

cash receipts journal

It is used to record all transactions involving payment of cash

cash disbursement journal

All transaction are recorded in the accounting records using this system wherein eachtransaction is recorded in two parts. What is this system?

double entry system

The difference between the monetary totals of debits and credits to an account represents what?

ending balance

It represents the steps or procedure used to record transactions and prepare financial statement

accounting cycle

These are written evidences containing information about transaction

source documents

It is a document issued by a buyer to a seller indicating types, quantities, and agreed prices for products or services that the buyer intends to purchase

purchase order

It is a document signed by the receiver of a shipment acknowledging receipt of the goods

delivery receipt

It evidences a deposit to a bank account

bank deposit slip

It is a repost issued by a bank that shows the deposits and withdrawaln during the period and the cumulative balance

bank statement

It is a report a business sends to its customer listing the transactions with the customer during a period, the payments made by the customer and any remaining balance due from the customer.

statement of account

It is committed when the number of digits in an amount is incorrectly increased or decreased

transplacement error

It is committed when digits in an amount are interchanged

transposition error

Are accounts that are not closed at the end of the accounting period

real account

Are accounts that are closed at the end of the accounting period

nominal account

It means continuing foreve. It is called as such because because it is updated each time a purchase or sale is made

perpetual inventory system

This tyoe of inventory system is only updated when physical count of inventory is performed

periodic inventory system

It is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction

fair value

This type of partner is the one who contributes services to the partnership rather than cash or other non cash asset

industrial partner

It is a type of partner who contributes cash or other non cash asset to the partnership

capitalist partner

It is the change in the relation of the partners caused by any partner being disassociated from the business

dissolution

The following are major considerations in the accounting for partnership dissolution except one

removal of a partner

It is the termination of the business operations or the winding up of affairs

liquidation

All are the process of liquidation except one

business operation will terminate

Settlement of claims in liquidation are the following order of priority. Which is the correct order 1. Inside creditors 2. Owners capital balances 3. Outside creditors

3,1,2

It represents the residual corporate interest that hears the ultimate risk of loss and receives the benefit of success

ordinary shares

Are shares that give the holders thereof certain preferences over other shareholders

preference shares

It refers to the handling of accounts managed by a person entrusted with the custody and management of property for the benefit of other

fiduciary accounting

Refers to the handling of accounts for fiduciaries who wind up the affairs of a deceased person

estate accounting

It is the accounting for non profit entities other than the government

institutional accounting

These users cannot demand information directly from reporting entities and must rely on general purpose financial reports

d. both a and b

PAS 1 requires an assessment of the entity's ability to continue as a going concer each time financial statements are prepared. Who is responsible in making this assessment?

management

These are the end product of the financial reporting process and the means by which information gathered and processed is periodically communicated to users

financial statements

Which of the following is not one of the general features of financial statements under PAS 1?

cash basis

Who is responsible for the preparation and the fair presentation of an entity's financial statements in accordance with the PFRSs?

management

This type of presentation of statement of financial position does not show distinctions between current and noncurrent items.

unclassified presentation

in making an economic decision, an investor needs information on the amounts of an entity' economic resources and claims to those resources. That investor would most likely refer to which of the following financial statements?

statement of financial position

Which of the following financial statements would be dated as at a certain date?

statement of financial position

Imagine you are a business manager. You would be most awesome as a manager in which of the following independent scenarios?

You changed your company's method of allocating costs from an accelerated method to a straight-line method. The change met the requirements of the PFRSs. This led to the smoothing of expenses, which increased your company's profit during the period by 12%, above the industry average.

This comprises all "non-owner changes in equity." It excludes owner changes in equity, such as subscription, issuance, and reacquisition of share capital and declaration of dividends.

total comprehensive income

Materiality judgment is least likely to be applied in which of the following?

in determining whether the cost of processing and communicating information exceeds the benefits expected to be derived from it

It refers to the comparability of financial statement of the same entity but from one period to another

intra comparability

It refers to the comparability of financial statements between different entities

inter comparability

If an entity changes its reporting period to a period longer or shorter than one year, it shall disclose the following except one

the purpose of a business in changing the period of the business

It is the change in equity during a period resulting from transactions and other events other than those changes resulting from transaction with owners

total comprehensive income

The scope of PAS 1 is

the preparation and presentation of general purpose financial statements.

These are the structured representation of an entity's financial position and results of its operations.

financial statement

An entity shall make an explicit and unreserved statement of its compliance with the PFRS if the entity has complied with

all the requirements of the PFRS

What is the purpose of information presented in the notes to the financial statements?

to provide disclosure required by the pfrs

According to PAS 1, assessments of going concern should cover at least how many months from the reporting date?

12 months

Which of the following is not considered an appropriate application of offsetting under PAS 1?

Deducting accumulated depreciation from the equipment account and presenting only the carrying amount.

PAS 1 requires an entity to provide an additional balance sheet dated as of the beginning of the preceding period if certain instances occur. Which of the following is not one of those instances? (Assume all of the following has a material effect)

Reclassification of items in the financial statements

This is the most commonly used method of presenting a statement of financial position. It facilitates the computation of liquidity and solvency ratios.

a. Classified presentation

The objective of PAS 1 is

C. to ensure comparability by prescribing the basis for presentation of general purpose financial statements

Which of the following statements is incorrect regarding the provisions of PAS 1?

a. Presenting an income statement or statement of profit or loss alone without a statement of other comprehensive income is allowed

All are Inventories are as asset except one

d. involve biological assets and agricultural produce

What is the measurement for PAS 2 inventories?

lower cost and net realizable value

The following are excluded from the cost of inventories except one

non refundable purchase tax

It is the estimated selling price in the ordinary course of business less the estimated cost

net realizable value

If the cost of an inventory exceeds its NRV, the inventory is written down to NRV, the lower amount. The amount of write down is recognized as what?

expense

Write down of inventories are usually carried out on what basis?

item by item basis

100

Write down of inventories to their net realizable value are recognized in

profit or loss

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問題一覧

It is a process of identifying, recording, and communicating economic information that is useful in making economic decisions

accounting

In this element, the accountant analyzes each business transaction and identifies whether the transaction is an accountable event or non accountable event

identifying

The accountant recognizes the identified “accountsble events” this process is called journalizing

recording

At the end of each accounting period, the accountant summarizes the information processed in the accounting system in order to produce meaningful reports

communicating

Information expressed in numbers, quantities, or units

quantitative information

Information expressed in words are descriptive form.

qualitative information

Information expressed in money

financial information

In accounting system, a system is one that consists of input, process, and an output. Which of the following is correct?

the input are the accountable events, the process are recording and classifying, and the output is summarizing

Although bookkeeping function is part of accounting, bookkeeping and accounting are not the same. Which of the statement is correct

D. Unlike bookkeepers, accounting doesn’t have to always provide information to internal and external users because it can be provide by the bookkeepers

Accounting is often referred to as the language of business because it is fundamental to the communication of financial information. Which of the following is the two broad function in a business

to provide external users with information that is useful in investment and credit decisions and for internal users that useful for managing the business

Accounting is a body of knowledge which has been systematically gathered, classified, and organized

social science

Accounting requires the use of creative skills amd judgment

practical art

These users are the one who directly involved in managing the business

internal users

These users are not directly involve in managing the business

external users

This information is designed to meet the common needs of most statement users

general purpose accounting information

This information is designed to meet the specific needs of particular statement users. It is provided by the management accounting

special purpose accounting information

It is the branch of accounting that focuses on general purpose financial statement

financial accounting

It is the structured representation of an entity’s financial position and results of its operation

financial statements

It includes the financial statement plus other information provided outside the financial statements

financial report

It involves the accumulation and communication of information for use by internal users

management accounting

It refers to the accounting for the government and its instrumentalities, focusing attention on custody of public funds and purpose or purposes

government auditing

It involves the inspection of an entity’s financial statement or business process to ascertain their correspondence with established criteria

auditing

It is the preparation of tax returns and rendering of tax advice

tax accounting

It is the systematic recording and analysis of the costs of material, labor, and overhead incident to the production of goods

cost accounting

It pertains to the careful analysis of economic events and other variables to understand their impact on decisions

accounting research

It is an activity where goods or services are exchsnged for money

business

It is a set of logical ideas and procedures that guide the accountanct in recording and communicating economic information

accounting concepts and principle

These characterisitcs support fundamental characteristics and enhance the usefulness of information except one

relevance

These are the economic resources you control that have resulted from past events and can provide you with economic benefits

assets

These are your present obligation that have resulted from past events and can require you to give up economic decisions

liabilities

It increases in economic benefits during the period in the form of decreases in assets, or decreases in liabilities

income

These are decreases in economic benefit during the period in the form of decreases in assets, or increases in liabilities

expense

It is the basic storage of information in accounting

account

An account title may be depicted through a T - account analysis which has three parts except one

major account

It is a list of all the accounts used by a business

chart of accounts

It is called the book of original entries. An accounting record where business transaction are first recorded.

journal

It is used to record sales on account

sales journal

It is used to record purchase of inventory on account

purchase journal

It is used to record all transaction involving cash receipts

cash receipts journal

It is used to record all transactions involving payment of cash

cash disbursement journal

All transaction are recorded in the accounting records using this system wherein eachtransaction is recorded in two parts. What is this system?

double entry system

The difference between the monetary totals of debits and credits to an account represents what?

ending balance

It represents the steps or procedure used to record transactions and prepare financial statement

accounting cycle

These are written evidences containing information about transaction

source documents

It is a document issued by a buyer to a seller indicating types, quantities, and agreed prices for products or services that the buyer intends to purchase

purchase order

It is a document signed by the receiver of a shipment acknowledging receipt of the goods

delivery receipt

It evidences a deposit to a bank account

bank deposit slip

It is a repost issued by a bank that shows the deposits and withdrawaln during the period and the cumulative balance

bank statement

It is a report a business sends to its customer listing the transactions with the customer during a period, the payments made by the customer and any remaining balance due from the customer.

statement of account

It is committed when the number of digits in an amount is incorrectly increased or decreased

transplacement error

It is committed when digits in an amount are interchanged

transposition error

Are accounts that are not closed at the end of the accounting period

real account

Are accounts that are closed at the end of the accounting period

nominal account

It means continuing foreve. It is called as such because because it is updated each time a purchase or sale is made

perpetual inventory system

This tyoe of inventory system is only updated when physical count of inventory is performed

periodic inventory system

It is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction

fair value

This type of partner is the one who contributes services to the partnership rather than cash or other non cash asset

industrial partner

It is a type of partner who contributes cash or other non cash asset to the partnership

capitalist partner

It is the change in the relation of the partners caused by any partner being disassociated from the business

dissolution

The following are major considerations in the accounting for partnership dissolution except one

removal of a partner

It is the termination of the business operations or the winding up of affairs

liquidation

All are the process of liquidation except one

business operation will terminate

Settlement of claims in liquidation are the following order of priority. Which is the correct order 1. Inside creditors 2. Owners capital balances 3. Outside creditors

3,1,2

It represents the residual corporate interest that hears the ultimate risk of loss and receives the benefit of success

ordinary shares

Are shares that give the holders thereof certain preferences over other shareholders

preference shares

It refers to the handling of accounts managed by a person entrusted with the custody and management of property for the benefit of other

fiduciary accounting

Refers to the handling of accounts for fiduciaries who wind up the affairs of a deceased person

estate accounting

It is the accounting for non profit entities other than the government

institutional accounting

These users cannot demand information directly from reporting entities and must rely on general purpose financial reports

d. both a and b

PAS 1 requires an assessment of the entity's ability to continue as a going concer each time financial statements are prepared. Who is responsible in making this assessment?

management

These are the end product of the financial reporting process and the means by which information gathered and processed is periodically communicated to users

financial statements

Which of the following is not one of the general features of financial statements under PAS 1?

cash basis

Who is responsible for the preparation and the fair presentation of an entity's financial statements in accordance with the PFRSs?

management

This type of presentation of statement of financial position does not show distinctions between current and noncurrent items.

unclassified presentation

statement of financial position

Which of the following financial statements would be dated as at a certain date?

statement of financial position

Imagine you are a business manager. You would be most awesome as a manager in which of the following independent scenarios?

This comprises all "non-owner changes in equity." It excludes owner changes in equity, such as subscription, issuance, and reacquisition of share capital and declaration of dividends.

total comprehensive income

Materiality judgment is least likely to be applied in which of the following?

in determining whether the cost of processing and communicating information exceeds the benefits expected to be derived from it

It refers to the comparability of financial statement of the same entity but from one period to another

intra comparability

It refers to the comparability of financial statements between different entities

inter comparability

If an entity changes its reporting period to a period longer or shorter than one year, it shall disclose the following except one

the purpose of a business in changing the period of the business

It is the change in equity during a period resulting from transactions and other events other than those changes resulting from transaction with owners

total comprehensive income

The scope of PAS 1 is

the preparation and presentation of general purpose financial statements.

These are the structured representation of an entity's financial position and results of its operations.

financial statement

An entity shall make an explicit and unreserved statement of its compliance with the PFRS if the entity has complied with

all the requirements of the PFRS

What is the purpose of information presented in the notes to the financial statements?

to provide disclosure required by the pfrs

According to PAS 1, assessments of going concern should cover at least how many months from the reporting date?

12 months

Which of the following is not considered an appropriate application of offsetting under PAS 1?

Deducting accumulated depreciation from the equipment account and presenting only the carrying amount.

Reclassification of items in the financial statements

This is the most commonly used method of presenting a statement of financial position. It facilitates the computation of liquidity and solvency ratios.

a. Classified presentation

The objective of PAS 1 is

C. to ensure comparability by prescribing the basis for presentation of general purpose financial statements

Which of the following statements is incorrect regarding the provisions of PAS 1?

a. Presenting an income statement or statement of profit or loss alone without a statement of other comprehensive income is allowed

All are Inventories are as asset except one

d. involve biological assets and agricultural produce

What is the measurement for PAS 2 inventories?

lower cost and net realizable value

The following are excluded from the cost of inventories except one

non refundable purchase tax

It is the estimated selling price in the ordinary course of business less the estimated cost

net realizable value

If the cost of an inventory exceeds its NRV, the inventory is written down to NRV, the lower amount. The amount of write down is recognized as what?

expense

Write down of inventories are usually carried out on what basis?

item by item basis

100

Write down of inventories to their net realizable value are recognized in

profit or loss