The records of properties acquired and services availed of by a business are maintained

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Ortiz, John Paul HRM 1-4

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Answer:

Explanatiohe measurement phase of accounting is accomplished by this.

School Identification Card

This document is not a requirement and shall not be submitted.

Cost

It is a pervasive constraint on the information that can be provided by the financial reporting.

Unit of Measure

Stating assets and liabilities and changes in them in terms of a common financial denominator is a prerequisite in measuring financial position and periodic net income.

Integrity

A professional accountant should be straightforward and honest in all professional and business relationships. This is in consonance with this fundamental principle.

Going Concern

This assumption underlies the depreciation of assets over their useful lives.

Going Concern

According to the IASB conceptual framework , this is not an objective of financial statements.

Cost Principle

The records of properties acquired and service availed of by a business are maintained in accordance with this principle.

Identifying

This accounting process is the recognition or nonrecognition of business activities as accountable events.

Account

It is the basic summary device of accounting.

n:

Answer:

The records of properties acquired and service availed of by a business are maintained in accordance with this principle. This accounting process is the recognition or nonrecognition of business activities as accountable events. It is the basic summary device of accounting.

Explanation:

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UNIVERSITY OF CEBU

COLLEGE OF ACCOUNTANCY

ACCOUTNING 1

NAME______________________________________________________________DATE_____________________SCORE____________

Multiple Choice. Write the letter of the correct answer. Strictly NO ERASURES

1. The basic purpose of accounting is

a. To provide information that managers of an economic entity need to control its operation.

b. To provide information that the creditors of an economic entity can use in deciding whether to make additional loans to the entity.

c. To measure the periodic income of the economic entity.

d. To provide quantitative financial information about a business enterprise that is useful to making rational economic decision.

2. Revenue under is generally derived from these activities:

a. Selling products, rendering services and permitting others to use enterprise resources.

b. Selling products, rendering services and adjustment of revenue of prior periods.

c. Selling products, rendering of services and investment by owners.

d. All of the above.

3. The consistency concepts states that

a. When preparing the accounts of a firm, one should normally account for similar items in the same way from one accounting period to

the next.

b. Firms in the industry must accounts for similar items in the same way.

c. Firms may never change the way in which they prepare their accounts.

d. None of the above.

4. Which accounting process is the recognition or non-recognition of business activities as accountable events?

a. communicatingc. identifying

b. recordingd. measuring

5. The financial statements should be stated in terms of a common financial denominator.

a. accrualc. stable monetary unit

b. going concernd. time period

6. They encompasses the conventions, rules and procedures necessary to define what is accepted accounting practice.

a. accounting assumptionsc. conceptual frameworks

b. accounting conceptsd. generally accepted accounting principles

7. Which area of public accounting means the examination of financial statements by a CPA for the purpose of expressing an

opinion as to the fairness of the statements?

a. management advisory servicesc. external auditing

b. internal auditingd. taxation

8. Which of the following best describes the attributes of a partnership?

a. Limited liability to raise capital, limited personal liability of owners.

b. Ability to raise large capital; unlimited personal liability of owners.

c. Limited ability to raise capital; unlimited personal liability of owners.

d. Ability to raise large amounts of capital; limited personal liability of owners.

9. Which of the following accounting concepts states that an accounting transaction should be supported by sufficient evidence

to allow two or more qualified individuals to arrive at essentially similar conclusions?

a. matchingc. periodicity

b. objectivityd. stable monetary unit

10. The principle of objectivity includes the concept of

a. summarizationc. conservatism

b. classificationd. verifiability

11. This principle requires relevant information to form part of financial statements for decision making purposes.

a. objectivityc. adequate disclosure

b. materialityd. accounting entity

12. Stating assets and liabilities and changes in them in terms of a common financial denominator is a prerequisites in

measuring financial position and periodic income.

a. unit of measure

b. measurement of economic resources and obligations

c. exchange price

d. accrual

13. It is the capacity of an information to make a difference in decision by helping users evaluate past, present, or future

events, or confirming, or correcting their past evaluations.

a. understandabilityc. relevance

b. comparabilityd. reliability

14. The attributes of relevance include all of the following except

a. predictive valuec. feedback value

b. neutralityd. materiality

Which of the following business entity forms is are required to maintain their financial information in accordance with generally accepted accounting principles?

What principle requires relevant information to form part of financial statements for decision making purposes?

Which area of public accounting means the examination of financial statements by a CPA?

What is public accounting area?