Introduction to Accounting Assessment PDF

Assessment - Introduction to Accounting Total points 30/33 Choose the best answer. Email * [email protected] 0 of 0 points Last Name, First Name * Mendez, Bert Andre Untitled Section...

Assessment - Introduction to Accounting Total points 30/33 Choose the best answer. Email * [email protected] 0 of 0 points Last Name, First Name * Mendez, Bert Andre Untitled Section 30 of 33 points The branch of accounting that involves in the process of facilitating the acquisition of *1/1 knowledge and skills regarding one or more of the branches of accounting. Accounting Education Accounting Research Accounting Systems Social Accounting The branch of accounting that involves the accumulation and communication of *1/1 information for use by internal users. Financial Accounting Accounting Systems Management Accounting Auditing The following are examples of external events except: * 1/1 donation, gift or charitable contributions, payment of taxes, fines, theft, and the like loss from fire, flood and other catastrophes changes in fair values and price levels, obsolescence and the like sales, purchase, payment of liabilities, receipt of notes receivable and the like The branch of accounting that involves in the installation of accounting procedures for *1/1 the accumulation of financial data and designing of accounting forms to be used in data gathering. Financial Accounting Cost Accounting Accounting Systems Accounting Research The branch of accounting that pertains to the careful analysis of economic events and *1/1 other variables to understand their impact on decisions. Accounting Research Fiduciary Accounting Institutional Accounting Social Accounting Accountants don't need to have creative and critical thinking. * 1/1 True False The accounting for non-profit entities other than the government. * 1/1 Fiduciary Accounting Institutional Accounting Management Accounting Social Accounting One of the following is the overall objective of accounting. It is * 1/1 to provide quantitative financial information about an entity that is useful in making economic decision. to provide information that the creditors can use in deciding whether to grant loans to an entity. to provide the information that the managers of an economic entity need to control the operations. to measure the periodic income of the economic entity. The following describe accounting, except: * 1/1 A universal language of business An exact science rather than an art. An information system A service activity Accounting is the art of recording, classifying and summarizing in a significant manner *1/1 and in terms of money, transactions and events which are in part at least of a ________________ and interpreting the results thereof. financial character numerical character historical character Special purpose accounting information is governed by generally accepted accounting *1/1 principles. True False It refers to the handling of accounting managed by a person entrusted with the custody *1/1 and management of a property for the benefit of another. Institutional Accounting Social Accounting Estate Accounting Fiduciary Accounting Estimates are used in providing relevant information. * 1/1 True False Financial information is also quantitative information. * 1/1 True False Information provided by Accounting can be quantitative and/or qualitative. * 1/1 True False The accounting process wherein business activities are recognized or non-recognized *1/1 as accountable events. Measuring Identifying Communicating The three important activities/components of accounting are provided in the definition *1/1 given by Accounting Standards Council (ASC) American Accounting Association (AAA) American Institute of Certified Public Accountant (AICPA) It refers to the process of recording the accounts or transactions of an entity. But does *1/1 not require the interpretation of the significance of the processed information. Financial Accounting Auditing Bookkeeping Management Accounting Accounting is an exact science rather an art. * 1/1 True False  Technically speaking, it refers to the profession of accounting practice. * 1/1 Auditing Accountancy Accounting Financial Accounting focuses on general purpose financial statements. * 1/1 False True The branch of accounting that focus attention on the custody of public funds, the *1/1 purpose or purposes to which those funds are committed, and the responsibility and accountability of the individuals entrusted with those funds. Fiduciary Accounting Government Accounting Auditing Tax Accounting Qualitative information can only be found in the Notes to Financial Statements. * 0/1 True False Correct answer False  The recording process is the reason why accounting has been called the "universal *1/1 language of business" True False Which is in correct order? * 0/1 Identifying, Journalizing, Measuring, Classifying, Summarizing Identifying, Measuring, Journalizing, Classifying, Summarizing Journalizing, Identifying, Measuring, Classifying, Summarizing all the choices are incorrect. Correct answer Identifying, Measuring, Journalizing, Classifying, Summarizing It refers to the handling of accounts for fiduciaries who wind up the affairs of a *1/1 deceased person. Estate Accounting Fiduciary Accounting Institutional Accounting Social Accounting All business activities are accountable. * 1/1 False True It accumulates and prepares financial reports for internal users only. This emphasizes *1/1 developing accounting information for use within an entity. Management Accounting Financial Accounting Bookkeeping Auditing The process of communicating the social and environmental effects of an entity's *1/1 economic actions to the society. Fiduciary Accounting Institutional Accounting Management Accounting Social Accounting The following are examples of internal events except: * 1/1 changes in fair values and price levels, obsolescence and the like an unanticipated loss from disasters or other similar events resources are transformed into finished goods Information provided by Managerial Accounting is an example of general-purpose *1/1 accounting information. False True  As defined by ASC, the function of accounting is to provide qualitative information *0/1 primarily financial in nature, about economic entities, that is intended to be useful in making economic decision. True False Correct answer False Involves the inspection of an entity's financial statements or business processes to *1/1 ascertain their correspondence with established criteria. Accounting Research Financial Accounting Accounting Systems Auditing This form was created inside of Caraga State University - Cabadbaran Campus. Report Abuse Forms