10 Questions
What is the primary purpose of cost accounting in a business organization?
To control business expenses and determine the pricing of business products and services.
What is the main objective of an independent examination of financial statements in auditing?
To ensure the fairness and reliability of reports.
What is the primary role of a person who teaches accounting-related courses?
To provide accounting education.
What is the primary concern of internal users of accounting information, such as employees?
To know if the company can still provide their salaries or benefits.
What is the primary concern of external users of accounting information, such as investors?
To decide whether to buy, hold, or sell their investments.
What were the tokens sealed with clay balls discovered by archaeologists around 8500 B.C. considered to be, and what was their purpose?
They were considered to be the first bills of lading.
Who is considered the 'Father of Accounting' and what system did he introduce?
Fra Luca Pacioli, and he introduced the double entry system.
When was accounting recognized as a profession in the Philippines, and who was the first Filipino CPA?
March 17, 1928, and Don Vicente Fabella.
What are the four phases of accounting, and what does the acronym 'ReCSI' stand for?
The four phases are Recording, Classifying, Summarizing, and Interpreting, and 'ReCSI' stands for these phases.
What is the primary purpose of financial accounting, and who is its primary audience?
The primary purpose is to prepare and present general-purpose financial statements, and its primary audience is external users.
Test your knowledge of accounting's roots! This quiz covers the history of accounting, from ancient tokens to the double entry system, and its development in the Philippines.
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