Accounting Review
Accounting Review Quiz
Test your knowledge of accounting principles and business structures with our engaging quiz! This quiz covers various important topics that every accounting student and professional should be familiar with. Whether you're preparing for a certification exam or just want to reinforce your understanding, this quiz is for you.
- 40 Multiple Choice Questions
- Covers topics from business entities to accounting principles
- Ideal for students and professionals alike
Also known as enterprise or firm. An organization that trades goods, services, or both with clients.
Business
Partnership
Syndicate
Marketing
Offers services and generates a profit by charging a fee.
Merchandising Business
Service Business
Manufacturing Business
Marketing
Buys good and sells them in their original form.
Merchandising Business
Service Business
Manufacturing Business
Marketing
Buys goods, called raw materials, then converts these raw materials into finished products, called finished goods.
Merchandising Business
Service Business
Manufacturing Business
Marketing
Has a single owner. May work independently or hire staff as business operations grow.
Accounting
Partnership
Corporation
Sole Proprietorship
The following are advantages of Sole Proprietorship, except:
Easiest to form
With only one owner, decisions can be made and implemented faster
Has less complex business transactions and has minimal regalutory requirements
The burden of managing the operations of the business is usually shared among partners
A grouping of two or more people who agree to pool their resources—be it money, assets, or labor—into a single pot with the goal of sharing the proceeds.
Accounting
Partnership
Corporation
Sole Proprietorship
Partnership is governed by:
Revised Corporation Code of the Philippines
Local Government Code
Civil Code of the Philippines
Republic Act No. 9298
A legal construct created artificially. Being able to both sue and be sued.
Accounting
Partnership
Corporation
Sole Proprietorship
Corporation is governed by:
Revised Corporation Code of the Philippines
Local Government Code
Civil Code of the Philippines
Republic Act No. 9298
To supply financial information to users to help them make informed judgements and better decisions.
Basic Purpose of Marketing
Basic Purpose of Accounting
Basic Purpose of Trading
Basic Purpose of Manufacturing
Aspect of accounting that is procedural or mechanical. Involves the creation, updating, and upkeep of accounting records. Possible for properly trained non-accountants to perform.
Marketing
Bookkeeping
Accounting
Merchandise
An art of recording, classifying, and summarizing, in a significant and monetary manner, transactions and events of at least a financial nature, and interpreting the results.
Marketing
Bookkeeping
Accounting
Merchandise
The Philippine Accountancy Act of 2004.
Republic Act No. 9298
Republic Act No. 9289
Republic Act No. 9288
Republic Act No. 9292
Created by RA 9298's Article II. It consists of six members, all of whom are appointed by the President of the Republic of the Philippines, with a chairman over the group.
Professional Regulatory Board of Accountancy
Professional Regulatory Board of Marketing
Professional Regulatory Board of Bookkeeping
Professional Regulatory Board of Accounting
The following are Sectors of Accounting Practice, except:
Public Practice
Marketing
Commerce and Industry
Education
The means by which the information accumulated and processed in financial accounting is communicated to users on a timely basis.
Financial Services
Financial Statements
Financial Funds
Financial Goals
The conventions, rules, processes, principles, standards, and underlying assumptions that are used in preparing financial statements.
Financial Statements
Generally Accepted Accounting Principles
Financial Reporting Standards Council
Philippine Financial Reporting Standards
The Philippines' official accounting standard-setting body. The Professional Regulation Commission established it on the recommendation of the Board of Accountancy.
Financial Statements
Generally Accepted Accounting Principles
Financial Reporting Standards Council
Philippine Financial Reporting Standards
Issued by FRSC. Based on International Financial Reporting Standards (IFRS) issued by International Accounting Standards Board (IASB)
Financial Statements
Generally Accepted Accounting Principles
Financial Reporting Standards Council
Philippine Financial Reporting Standards
According to this concept, the business is considered distinct and separate from the owner(s). The personal transactions of the owners are not recorded in the company's books. The company is treated as a separate accounting entity.
Business Entity Principle
Dual-effect of Business Transactions
Matching Principle
Accrual Basis
The resources that a company controls are referred to as its assets. These assets arise from two possible sources: Owners and Creditors who extend loans to the business.
Business Entity Principle
Dual-effect of Business Transactions
Matching Principle
Accrual Basis
The income earned and reported in one accounting period should be offset by the expenses that directly or indirectly contributed to the income's generation.
Business Entity Principle
Dual-effect of Business Transactions
Matching Principle
Accrual Basis
Income is recorded when it is earned, not when it is received in cash. Expenses are recorded when they are incurred, regardless of when they are paid in cash.
Business Entity Principle
Dual-effect of Business Transactions
Matching Principle
Accrual Basis
A business transaction must be expressed in terms of a uniform means of measurement in order to be included in the enterprise's accounting records and financial statements. Accounting also assumes that inflation has no significant impact on the peso.
Business Entity Principle
Stable Monetary Unit
Periodicity (Time Period Concept)
Accrual Basis
Decision-makers must have access to timely financial information in order to make effective economic decisions. The periodicity concept assumes that an enterprise's operating life can be conveniently divided into time periods of equal length (such as one year), known as accounting periods.
Dual-effect of Business Transactions
Matching Principle
Stable Monetary Unit
Periodicity (Time Period Concept)
A statement of generally accepted theoretical principles which form the frame of reference for a particular field of study.
Database Framework
Conceptual Framework
Theoretical Framework
Testing Framework
To be faithfully represented, information from a certain event should be the following, except:
Complete
Neutral
Positive
Free from error
An exchange of values between two parties, expressed in monetary terms (in the case of external transactions) or within the company (in the case of internal transactions).
Business Marketing
Business Transaction
Business Management
Business Merchandising
The original record of business transaction.
Source Document
PDF
Sales Invoice
Manuscript
Issued to prove a cash sale (cash sales invoices) or a credit sale (charge sales/credit sales invoice).
Sales Invoice
Official Receipt
Source Document
Manuscript
Issued as proof of cash receipt from customers, the proprietor, and other parties.
Sales Invoice
Official Receipt
Source Document
Manuscript
The Basic Accounting Equation.
ASSETS = LIABILITIES + EQUITY
MARKETING = EQUITY + LIABILITIES
EQUITY = LIABILITIES + ASSETS
LIABILITIES = ASSETS + EQUITY
Accounting's basic summary device. For each element, separate accounts are kept (assets, liabilities, equity, income, expenses).
Debit
Credit
Account
Asset
A Source Document must include the following, except:
Date of the transaction
Amount involved
Conceptual Framework
Names of the parties involved
It is a widespread constraint on the information provided by financial reporting, and the cost of producing information must be justified by the benefits provided.
Cost
Account
Marker
Asset
In the context of an individual entity's financial report, an entity-specific aspect of relevance based on the nature or magnitude, or both, of the items to which the information relates.
Accounting
Materiality
Liabilities
Equity
Can be fed into processes used by users to forecast future outcomes.
Predictive Value
Functional Value
Confirmatory Value
Monetary Value
Confirms or modifies a financial statement user's previous evaluations or expectations.
Predictive Value
Functional Value
Confirmatory Value
Monetary Value
The Financial Reporting Standards Council has a chairman and ____ representatives who serve a term of three years renewable for another term.
13
10
6
14
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