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This branch involves the preparation of tax returns and the rendering of tax advice to
clients, such as determination and verification of tax consequences, the effect of taxes in
the business operations, tax minimization through legal means, and the like.
Tax Accounting
Deals with independent verification and examination of the accounting records for the
purpose of giving an opinion on the fairness of its presentation.
Auditing
Which of the following is not a component of the complete set of financial statements?
Bank reconciliation statement
The area of accounting that relates to providing audit, tax, and consulting services to clients.
Public Accounting
The steps in the process of accounting take place in the following order:
Identifying, measuring, communicating, decision making
A person who is responsible for the formation and molding the mind of competitive
accountants and consultants.
Accounting professor
Sole proprietors are personally liable for all debts and obligations of their businesses.
True
Accounting deals with quantifiable information.
True
It deals with recording, classifying and summarizing the details of materials, labor and
overhead necessary to produce and sell product or service.
Cost Accounting
Sole proprietors are personally liable for all debts and obligations of their businesses.
True
Which of the following statements regarding service companies is correct?
. Service companies basically provide almost the same services to their customers.
A partner who is not actually involved in the partnership but lends his name for public
relations purposes is a:
Nominal partner
PSY Co., an accounting firm, earns P120,000 from its audit engagement with San Miguel
Corporation. the P120,000 is considered as PSY Co.'s
Service revenues
Mariane wants to buy a building for her business today. Which of the following is the
relevant data for her decision?
The maximum number of persons who are legally allowed to operate in a partnership is: 2
Services performed by service companies may include all of the following , EXCEP
No correct answer
The most effective form of business organization for raising capital is the:
Corporation
A partner who is entitles to a share of the profits from a partnership is known is:
A salaried partner
The form of business organization that has the largest sales volume is the:
Cooperative
Accounting principles include rigid and definite rules that an accountant has to use under all
circumstances.
TRUE
This assumption states that a business is an entity separate and distinct from its owners.
Accounting entity assumption
The financial statement that shows the financial position of an enterprise at a particular
point of time is the:
Balance Sheet
Under the continuity assumption it is assumed that a business will continue to operate
forever. FALSE
Registration of an assumed business name helps avoid consumers' confusion with other
business operating under similar names. TRUE
One whose liability to third persons extends to his separate personal properties.
General partner
A form of business has two or more owners bind themselves to contribute money, property,
or industry into a common fund with the intention of dividing profits among themselves.
Partnership
Which financial statement is most useful in assessing the financial flexibility of a business
enterprise?
Statement of Cash flows
A person with knowledge of accounting, who does the routine work of recording, classifying,
and summarizing phases of accounting
Bookkeeper
The information that would be of most interest to an organization's production manager is:
Continuity of orders for the factory
The financial statements prepared at the end of the period report the following:
The results of operations during the period.
A person with knowledge of accounting, who does the routine work of recording, classifying,
and summarizing phases of accounting.
Bookkeeper
Which of the following is not a part of the functions of the accounting system?
Preparing financial statements that are favorable to the data-users.
Which of the following items may appear in a balance sheet?
Capital, drawing and net income
Sub-area of the accounting profession that deals primarily with providing information to
external data-users, including but not limited to financial statements
Accountancy refers to the art of classifying the recorded transactions under their
respective accounts
Sub-area of the accounting profession that deals primarily with providing information to
external data-users, including but not limited to financial statements.
Financial Statements
If you want to be your own boss, make your own decisions, and keep all of the profits to
yourself, you want to be
Sole proprietorship
A government agency in charge of regulating and licensing the practices of profession like
accounting, medicine, engineering, nursing and the like.
PRC (Professional Regulation Commission)
A partnership may be dissolved at any time by action of the partners or by operation of law.
True
To be a proprietor: One must put up a certain capital investment for the purpose of
making profit.
Is a business organization owned by a group of individuals and is operated for their mutual
benefit. The persons making up the group are called members.
Cooperative