Accounting Prelim - Terms Questions and Graded Answers.
Recording Data - The 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.
, Financial Reporting Standards Council - Its main function is to establish and improve
accounting standards that will be generally accepted in the Philippines.
External Auditing - What 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.
Commerce and Industry - Accountants employed by a particular business firm or not-for-
profit organization, perhaps as chief accountant, controller, or financial vice president, are said to
be engaged in this area of competence.
Business Entity Concept - The accounting concept if the owner of a business takes goods
from inventory for his personal use.
PRC - It is a government agency that regulates professionals in the Philippines and it also
conducts CPA governments examination.
Partnership - A form of a business organization that has limited ability to raise capital and
unlimited personal liability of owners.
Customers - These users are interested in the information about the continuance of an
entity, especially when they have a long-term involvement with or dependent on the entity.
Accounting Period - This serves as the basis for preparing financial statements at regular
artificial points in time.
Financial Statements - This is the output document or record in the accounting cycle.
Ledger - It is used to classify and summarize transactions, and to prepare data for basic
financial statements.
Recording Data - The 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.
, Financial Reporting Standards Council - Its main function is to establish and improve
accounting standards that will be generally accepted in the Philippines.
External Auditing - What 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.
Commerce and Industry - Accountants employed by a particular business firm or not-for-
profit organization, perhaps as chief accountant, controller, or financial vice president, are said to
be engaged in this area of competence.
Business Entity Concept - The accounting concept if the owner of a business takes goods
from inventory for his personal use.
PRC - It is a government agency that regulates professionals in the Philippines and it also
conducts CPA governments examination.
Partnership - A form of a business organization that has limited ability to raise capital and
unlimited personal liability of owners.
Customers - These users are interested in the information about the continuance of an
entity, especially when they have a long-term involvement with or dependent on the entity.
Accounting Period - This serves as the basis for preparing financial statements at regular
artificial points in time.
Financial Statements - This is the output document or record in the accounting cycle.
Ledger - It is used to classify and summarize transactions, and to prepare data for basic
financial statements.
