16 Questions
What is the process of identifying, measuring and communicating economic information to permit informed judgement and decision by users of the information?
Accounting
Who is considered as The Father of Accounting?
Luca Pacioli
How does the Accounting Standards Council define accounting?
Process
Which of the following is NOT an internal user of financial information?
Customers
Which of the following is NOT an external user of financial information?
Managers
Which type of information is expressed in numbers, quantities, or units?
Quantitative information
What is the process of identifying, recording and communicating economic information that is useful in making economic decisions?
Accounting
Which of the following is NOT an appropriate description of accounting?
Accounting is an exact science rather than an art
Which accounting process comes first ahead of the others?
Identifying
What essential element of the definition of accounting involves the recognition or non-recognition of business activities as accountable events?
Identifying
What types of information are provided by accounting?
All of the above
Which professional organization defines accounting as a service activity?
Philippine Institute of Certified Public Accountants
What are laborers, field workers, and non-managerial employees examples of as users of financial information?
Employees
Which internal users of financial information are concerned mostly with the profits of the company and considered as existing investors?
Business Owners
Which of the following is NOT a component of financial statements?
Statement of Cash
Which professional organization defines accounting as a service activity?
Philippine Institute of Certified Public Accountants
Learn about the different types of information provided by accounting, including quantitative, qualitative, and financial information. Understand how each type is expressed and where it can be found in financial statements.
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