Accounting Branches and Financial Statements Quiz

Questions and Answers

What is the primary responsibility of a financial accountant?

In charge of journalizing transactions, reporting, classifying, summarizing, and preparing financial statements

Which financial statement shows a company's income and expenditures?

Income statement

What is the role of managerial accountants?

Interpreting finance sheets to understand product performance and make economic decisions

Which organization sets the generally accepted accounting principles (GAAP)?

Financial Accounting Standards Board (FASB) Signup and view all the answers

Which type of accounting deals with tallying the raw materials, labor hours, and cost in making a product?

Cost accounting Signup and view all the answers

What type of will is signed by a lawyer?

Notarial will Signup and view all the answers

Which type of accounting involves dealing with the financial statements and identifying fraudulent transactions?

Internal auditing Signup and view all the answers

What does PAS stand for in the context of accounting standards?

Philippine Accounting Standards Signup and view all the answers

What does COA auditors primarily audit?

Politicians and financial records of specific government offices Signup and view all the answers

Which type of accounting focuses on serving the public or mission rather than generating profits for shareholders or owners?

Non-profit accounting Signup and view all the answers

Match the type of accounting with its primary focus:

Government Accounting = Public funds Trust Accounting = Wealthy families' finances and trust funds Forensic Auditing = Fraudulent companies and civil laws Internal Auditing = Any individual inside an organization Signup and view all the answers

Match the type of accounting with its primary responsibility:

Estate Accountant = Accounting properties of deceased individuals for succession purposes Compulsory Heirs = Legitimate offspring/descendants Tax Accounting = Dealing with taxes of companies for business owners Receivership Accounting = Disposing of a specific business and computing total debt of the company Signup and view all the answers

Match the type of will with its characteristics:

Notarial Will = Signed by a lawyer Holographic Will = Note or diary Internal Auditing = Any individual inside an organization Concurrent Compulsory Heirs = Spouse and illegitimate offspring Signup and view all the answers

Match the type of accounting with its area of expertise:

Cost Accounting = Manufacturing and tallying raw materials, labor hours, and product cost Non-profit Accounting = Serving the public or mission rather than generating profits for shareholders or owners Institutional Accounting = Practicing accounting inside institutions Accounting Education = Learning and teaching accounting principles, standards, practices Signup and view all the answers

Match the type of auditing with its primary focus:

External Auditing = Licensed accountant (CPA) auditing financial statements of organizations COA Auditors = Auditing politicians and financial records of specific government offices Auditing = Checking financial statements and identifying fraudulent transactions Forensic Auditing = Dealing with fraudulent companies, analyzing investigations and examining matters in civil laws Signup and view all the answers

Match the type of accounting concept with its definition:

GAAP = Result of making a decision PAS = Philippine accounting standards Auditng Research = Preparing or exploration of accounting related topics to advance knowledge and understanding COA Auditors = Dealing with politicians and financial records of specific government offices Signup and view all the answers

Match the type of accounting with its primary focus:

Business Accounting = Generating profits for shareholders or owners Non-Profit Accounting = Serving the public or mission rather than generating profits for shareholders or owners Auditing = Identifying fraudulent transactions Fiduciary Accounting = Dealing with financial statements and identifying fraudulent transactions Signup and view all the answers

Match the financial statement with its description:

Income Statement = Shows a company’s income and expenditures Statement of Changes in Owners Equity = Summary of changes in the owner's equity over a specific period Statement of Cash Flows = Details the cash inflow and outflow from the company's operating, investing, and financing activities Financial Position / Balance Sheet = Summary of financial balances that consists of assets, liabilities, and equity Signup and view all the answers

Match the job position with its primary responsibilities:

Senior Accountant = Journalizing transactions, reporting, classifying, summarizing, and preparing financial statements Chief Finance Officer = Interpreting financial results and making economic decisions based on finance sheets Corporation Bookkeepers = Handling private accounting and bookkeeping Tax Examiners (BIR) = Enforcing tax laws and regulations as part of the Bureau of Internal Revenue Signup and view all the answers

Match the accounting standard with its defining authority:

GAAP = Generally accepted accounting principles set by a recognized authority PFRS = Philippine financial reporting standards established by a specific regulatory body BIR = Bureau of Internal Revenue responsible for enforcing tax laws and regulations COA Auditors = Primarily audit the Commission on Audit's financial statements and operations Signup and view all the answers