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Questions and Answers
What is the primary responsibility of a financial accountant?
What is the primary responsibility of a financial accountant?
Which financial statement shows a company's income and expenditures?
Which financial statement shows a company's income and expenditures?
What is the role of managerial accountants?
What is the role of managerial accountants?
Which organization sets the generally accepted accounting principles (GAAP)?
Which organization sets the generally accepted accounting principles (GAAP)?
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Which type of accounting deals with tallying the raw materials, labor hours, and cost in making a product?
Which type of accounting deals with tallying the raw materials, labor hours, and cost in making a product?
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What type of will is signed by a lawyer?
What type of will is signed by a lawyer?
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Which type of accounting involves dealing with the financial statements and identifying fraudulent transactions?
Which type of accounting involves dealing with the financial statements and identifying fraudulent transactions?
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What does PAS stand for in the context of accounting standards?
What does PAS stand for in the context of accounting standards?
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What does COA auditors primarily audit?
What does COA auditors primarily audit?
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Which type of accounting focuses on serving the public or mission rather than generating profits for shareholders or owners?
Which type of accounting focuses on serving the public or mission rather than generating profits for shareholders or owners?
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Match the type of accounting with its primary focus:
Match the type of accounting with its primary focus:
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Match the type of accounting with its primary responsibility:
Match the type of accounting with its primary responsibility:
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Match the type of will with its characteristics:
Match the type of will with its characteristics:
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Match the type of accounting with its area of expertise:
Match the type of accounting with its area of expertise:
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Match the type of auditing with its primary focus:
Match the type of auditing with its primary focus:
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Match the type of accounting concept with its definition:
Match the type of accounting concept with its definition:
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Match the type of accounting with its primary focus:
Match the type of accounting with its primary focus:
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Match the financial statement with its description:
Match the financial statement with its description:
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Match the job position with its primary responsibilities:
Match the job position with its primary responsibilities:
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Match the accounting standard with its defining authority:
Match the accounting standard with its defining authority:
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Study Notes
Financial Accounting
- Primary responsibility is to prepare financial statements and ensure compliance with accounting standards.
- The income statement reflects a company's income, expenditures, and overall profitability over a specific period.
Managerial Accounting
- Focuses on internal management needs by providing financial data for decision-making.
- Involves budgeting, forecasting, and performance evaluation.
Accounting Standards
- Generally Accepted Accounting Principles (GAAP) are established by the Financial Accounting Standards Board (FASB).
Cost Accounting
- Deals with tracking and analyzing costs associated with producing goods, including raw materials and labor.
Legal Wills
- A formal will, often signed by a lawyer, is recognized as a legal document outlining a person's wishes regarding the distribution of their assets after death.
Forensic Accounting
- Involves the examination of financial records to identify fraudulent activities and ensure the integrity of financial statements.
Philippine Accounting Standards (PAS)
- Refers to the set of international financial reporting standards applicable to the Philippines.
Commission on Audit (COA)
- Primarily audits government agencies to ensure accountability and transparency in public financial management.
Nonprofit Accounting
- Focuses on financial management for organizations whose primary goal is serving the public or a specific mission rather than profit generation.
Various Accounting Categories and Responsibilities
- Different types of accounting have distinct focuses such as public accounting for serving clients, private accounting for internal company finances, and audit functions which verify organizational compliance with laws and regulations.
Audit Types
- External auditors focus on independent examination while internal auditors assess organizational processes.
Matching Concepts
- Match accounting types with their particular areas of expertise, roles, and responsibilities for clarity:
- Cost accounting = product costing and efficiency.
- Managerial accounting = operational decision-making support.
- Forensic accounting = fraud investigation.
- GAAP = standardizing financial reporting practices.
- Link financial statements to their descriptions (e.g., balance sheet shows financial position at a specific time).
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Description
Test your knowledge of the different branches of accounting, such as business accounting, non-profit accounting, auditing, and fiduciary accounting. Also, challenge yourself on tasks related to financial accounting, including journalizing transactions, preparing income statements, and understanding the accounting cycle.
