Types of Information in Accounting
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Questions and Answers

What is the process of identifying, measuring and communicating economic information to permit informed judgement and decision by users of the information?

  • Business Transactions
  • Accounting (correct)
  • Financial Statements
  • Account

Who is considered as The Father of Accounting?

  • George Watson
  • Doi Poi
  • Leonardo da Vinci
  • Luca Pacioli (correct)

How does the Accounting Standards Council define accounting?

  • Process (correct)
  • Provider of information
  • Service activity
  • Art

Which of the following is NOT an internal user of financial information?

<p>Customers (D)</p> Signup and view all the answers

Which of the following is NOT an external user of financial information?

<p>Managers (C)</p> Signup and view all the answers

Which type of information is expressed in numbers, quantities, or units?

<p>Quantitative information (B)</p> Signup and view all the answers

What is the process of identifying, recording and communicating economic information that is useful in making economic decisions?

<p>Accounting (C)</p> Signup and view all the answers

Which of the following is NOT an appropriate description of accounting?

<p>Accounting is an exact science rather than an art (D)</p> Signup and view all the answers

Which accounting process comes first ahead of the others?

<p>Identifying (A)</p> Signup and view all the answers

What essential element of the definition of accounting involves the recognition or non-recognition of business activities as accountable events?

<p>Identifying (C)</p> Signup and view all the answers

What types of information are provided by accounting?

<p>All of the above (D)</p> Signup and view all the answers

Which professional organization defines accounting as a service activity?

<p>Philippine Institute of Certified Public Accountants (D)</p> Signup and view all the answers

What are laborers, field workers, and non-managerial employees examples of as users of financial information?

<p>Employees (D)</p> Signup and view all the answers

Which internal users of financial information are concerned mostly with the profits of the company and considered as existing investors?

<p>Business Owners (B)</p> Signup and view all the answers

Which of the following is NOT a component of financial statements?

<p>Statement of Cash (C)</p> Signup and view all the answers

Which professional organization defines accounting as a service activity?

<p>Philippine Institute of Certified Public Accountants (B)</p> Signup and view all the answers

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