Refers to the recording, presentation, and analysis of manufacturing costs.
Select one:
a. Auditing
b. Financial Accounting
c. Cost Accounting
d. No correct answer
Feedback
The correct answer is: Cost Accounting
Question 2
Not answered
Marked out of 1.00
Accounting provides information on Select one:
a. Company's tax liability for a particular year
b. All of the answers are correct
c. Financial conditions of an institution
d. Cost and income for managers
Feedback
The correct answer is: All of the answers are correct
Question 3
Not answered
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Accounting in modern age is regarded as? Select one:
a. The art of recording, classifying, and summarizing the business transactions in
monetary units
b. All of the correct answer
c. The source of business information
d. The language of business
Feedback
The correct answer is: The art of recording, classifying, and summarizing the business
transactions in monetary units
Question 4
Not answered
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Accounting deals with quantifiable information. Select one:
a. True
b. False
Feedback
The correct answer is: True
Question 5
Not answered
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The term book keeping and accountancy can be used interchangeably. Select one:
a. False
b. True
Feedback
The correct answer is: True
Question 6
Not answered
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Which financial statement displays the revenues and expenses of a company for a
period of time? Select one:
a. Cash Flow
b. Statement of Owner's Equity
c. Balance sheet
d. Income Statement
Feedback
The correct answer is: Income Statement
Question 7
Not answered
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What are the accounting standards issued by the IASB called? Select one:
a. Internationally Accepted Accounting Standards
b. International Financial Reporting Standards
c. International Financial Accounting Standards
d. International Accounting Principles
Feedback
The correct answer is: International Financial Reporting Standards
Question 8
Not answered
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The basic function of financial accounting is to Select one:
a. Record all business transactions
b. Assist the management in performing functions effectively
c. No correct answer
d. Interpret financial data
Feedback
The correct answer is: Interpret financial data
Question 9
Not answered
Marked out of 1.00
Which is the last step of accounting as a process of information? Select one:
a. Recording the transaction
b. Preparation of financial statement
c. Analysis and interpretation of information
d. Communication of information
Feedback
The correct answer is: Preparation of financial statement
Question 10
Not answered
Marked out of 1.00
Which of the following statement is?not?correct? Select one:
a. Accounting is a service-oriented discipline.
b. Proper accounting of the transactions of a business will benefit both the people inside
and outside the enterprise.
c. Accounting is both a science and an art.
d. Being a bookkeeper requires the same kind of training and preparation as that of
being an accountant.
Feedback
The correct answer is: Being a bookkeeper requires the same kind of training and
preparation as that of being an accountant.
Question 11
Not answered
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Choose the correct statement Select one:
a. Business and Businessman are one and the same from accounting point of view.
b. Accounting is concerned with past as well as future events.
c. Accounting is concerned with monetary transactions.
d. Keeping systematic recording of business transaction is not the function of financial
accounting.
Feedback
The correct answer is: Accounting is concerned with monetary transactions.
Question 12
Not answered
Marked out of 1.00
Accounting provides information on Select one:
a. Financial conditions of an institution
b. Company's tax liability for a particular year
c. Cost and income for managers
d. All of the answer is correct
Feedback
The correct answer is: All of the answer is correct
Question 13
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Which of the following statements is?incorrect? Select one:
a. An asset does not always have physical attributes.
b. The business enterprise must have ownership over the items reported as business
assets.
c. An asset has future usefulness or service potential
d. A reliable monetary value must be assignable to the reported asset items.
Feedback
The correct answer is: The business enterprise must have ownership over the items
reported as business assets.
Question 14
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A government agency in charge of regulating and licensing the practices of profession
like accounting, medicine, engineering, nursing and the like. Select one:
a. IAS (International Accounting Standard)
b. BOA-BOARD (Board of Accountancy)
c. PRC (Professional Regulation Commission)
d. PICPA (Philippine Institute of Certified Public Accountant)
Feedback
The correct answer is: PRC (Professional Regulation Commission)
Question 15
Not answered
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Public Accounting, as a sub-discipline of accounting, includes: Select one:
a. Management Accounting
b. Cost accounting
c. Managerial Advisory services
d. Internal auditing
Feedback
The correct answer is: Managerial Advisory services
Question 16
Not answered
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Financially, shareholders are rewarded by Select one:
a. Profits
b. Dividends
c. No correct answer
d. Interest
Feedback
The correct answer is: Dividends
Question 17
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Sub-area of the accounting profession that deals primarily with providing information to
external data-users, including but not limited to financial statements. Select one:
a. Owners and managers
b. Bookkeeping
c. Financial Statements
d. Financial Accounting
Feedback
The correct answer is: Financial Accounting
Question 18
Not answered
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Which of the following statement is not true? Select one:
a. A non-accounting graduate may work as a bookkeeper or accountant or accountant of
a business enterprise.
b. To be a good accountant, one must have mastery of mathematics.
c. A non-CPA may be engaged in Public accounting.
d. A non-CPA may be the chief accountant of a business enterprise.
Feedback
The correct answer is: To be a good accountant, one must have mastery of
mathematics.
Question 19
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Private accounting, as a sub-discipline of accounting, includes: Select one:
a. Managerial advisory services
b. Management Accounting
c. Tax consultancy
d. External auditing
Feedback
The correct answer is: Management Accounting
Question 20
Not answered
Marked out of 1.00
Which of the following is not true?
Select one:
a. Accounting is the language of business.
b. Accounting is a communication tool that is useful to both internal and external
decision-makers.
c. Accounting is useful only to profit-oriented organizations.
d. Accounting is not an exact science.
Feedback
The correct answer is: Accounting is useful only to profit-oriented organizations.
Question 21
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Interpretation of Account is the Select one:
a. To know the causes for the prevailing performance of business
b. Art and science of translating the figures
c. All of the correct answer
d. To know financial strengths and weaknesses of a business
Feedback
The correct answer is: All of the correct answer
Question 22
Not answered
Marked out of 1.00
Which of the following is not true? Select one:
a. Accounting is a communication tool that is useful to both internal and external
decision-makers.
?
b. Accounting is the language of business.
c. Accounting is useful only to profit-oriented organizations.
d. Accounting is not an exact science.
Feedback
The correct answer is: Accounting is useful only to profit-oriented organizations.
Question 23
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A person who is responsible for the formation and molding the mind of competitive
accountants and consultants. Select one:
a. Government Accounting
b. Accounting professor
c. Bookkeeper
d. Auditor
Feedback
The correct answer is: Accounting professor
Question 24
Not answered
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Which of the following is more appropriate definition for Accountancy? Select one:
a. Accountancy refers to the art of communicating the financial transactions to
accounting users
b. Accountancy refers to the process of recording financial transactions in the order of
their occurrence
c. Accountancy refers to the art of classifying the recorded transactions under their
respective accounts
d. Accountancy refers to the systematic knowledge of accounting.
Feedback
The correct answer is: Accountancy refers to the art of classifying the recorded
transactions under their respective accounts
Question 25
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Answer an Italian mathematician and known as the father of modern accounting who
introduced the modern double-entry bookkeeping system in 1494 at Venice in Italy.
Feedback
The correct answer is: Fr. Luca Pacioli
Question 26
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Accounting is the process of matching Select one:
a. Potential and Real performance
b. Cash inflows and outflows
c. Revenues and Costs
d. Benefits and Costs
Feedback
The correct answer is: Revenues and Costs
Question 27
Not answered
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Accounting and bookkeeping are synonymous. Select one:
a. True
b. False
Feedback
The correct answer is: False
Question 28
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Financial statements are prepared: Select one:
a. Only for publicly owned business organizations.
b. For corporations, but not for sole proprietorship or partnership.
c. In either monetary or non-monetary terms, depending upon the need of the decision-
maker.
d. Primarily for the benefit of persons outside of the business organizations
Feedback
The correct answer is: Primarily for the benefit of persons outside of the business
organizations
Question 29
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A person with knowledge of accounting, who does the routine work of recording,
classifying, and summarizing phases of accounting.
Select one:
a. Controller
b. Management consultant
c. Tax accountant
d. Bookkeeper
Feedback
The correct answer is: Bookkeeper
Question 30
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Which is the last step of accounting as a process of information? Select one:
a. Recording the transaction
b. Analysis and interpretation of information
c. Communication of information
d. Preparation of financial statement
Feedback
The correct answer is: Preparation of financial statement
Question 31
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Accounting is the language of business. Select one:
a. True
b. False
Feedback
The correct answer is: True
Question 32
Not answered
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Accounting is the language of business. Select one:
a. False
b. True
Feedback
The correct answer is: True
Question 33
Not answered
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Choose the correct statement Select one:
a. Accounting is concerned with monetary transactions
b. Accounting is concerned with past as well as future events
c. Keeping systematic recording of business transaction is not the function of financial
accounting
d. Business and Businessman are one and the same from accounting point of view
Feedback
The correct answer is: Accounting is concerned with monetary transactions
Question 34
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Accounting aims to communicate financial information to investors only. Select one:
a. False
b. True
Feedback
The correct answer is: False
Question 35
Not answered
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The basic function of financial accounting is to Select one:
a. Interpret financial data
b. Assist the management in performing functions effectively
c. Record all business transactions
d. No correct answer
Feedback
The correct answer is: Interpret financial data
Question 36
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Which of the following would be classified as external users of financial
statements? Select one:
a. Stockholders and management of the company
b. The controller of the company and a company's stockholders
c. The company marketing managers
d. The creditors and stockholders of the company
Feedback
The correct answer is: The creditors and stockholders of the company
Question 37
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Accounting involves communication. Select one:
a. True
b. False
Feedback
The correct answer is: True
Question 38
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Which of the following is not a part of the functions of the accounting system? Select
one:
a. Analyzing and recording the business transactions of the enterprise.
b. Reporting the results of operations during a reporting period
c. Preparing financial statements that are favorable to the data-users.
d. Classifying and summarizing the effects of the transactions on the accounting
elements
Feedback
The correct answer is: Preparing financial statements that are favorable to the data-
users.
Question 39
Not answered
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Accounting is the language of business. Select one:
a. False
b. True
Feedback
The correct answer is: True
Question 40
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The statement of financial position and the balance sheet are synonyms. Select one:
a. False
b. True
Feedback
The correct answer is: True
Question 41
Not answered
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Which of the following is not a part of the functions of the accounting system? Select
one:
a. Reporting the results of operations during a reporting period
b. Classifying and summarizing the effects of the transactions on the accounting
elements
c. Preparing financial statements that are favorable to the data-users.
d. Analyzing and recording the business transactions of the enterprise.
Feedback
The correct answer is: Preparing financial statements that are favorable to the data-
users.
Question 42
Not answered
Marked out of 1.00
Private accounting, as a sub-discipline of accounting, includes: Select one:
a. Tax consultancy
b. Management Accounting
c. External auditing
d. Managerial advisory services
Feedback
The correct answer is: Management Accounting
Question 43
Not answered
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Which of the following is a mechanical aspect of accounting? Select one:
a. Analyzing the transactions preparatory to the recording process.
b. Designing the accounting system
c. Reviewing the effectiveness of the internal control procedures
d. Preparation of a financial budget
Feedback
The correct answer is: Analyzing the transactions preparatory to the recording process.
Question 44
Not answered
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Which of the following statement is not correct?
Select one:
a. Proper accounting of the transactions of a business will benefit both the people inside
and outside the enterprise.
b. Being a bookkeeper requires the same kind of training and preparation as that of
being an accountant.
c. Accounting is both a science and an art.
d. Accounting is a service-oriented discipline.
Feedback
The correct answer is: Being a bookkeeper requires the same kind of training and
preparation as that of being an accountant.
Question 45
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The term book keeping and accountancy can be used interchangeably. Select one:
a. False
b. True
Feedback
The correct answer is: True
Question 46
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When does an accountant record a transaction? Select one:
a. If it has a tax implication
b. On manager's demand
c. it is materialized by a concrete document
d. No correct answer
Feedback
The correct answer is: it is materialized by a concrete document
Question 47
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Accounting deals with quantifiable information. Select one:
a. False
b. True
Feedback
The correct answer is: True
Question 48
Not answered
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Which of the following groups use financial accounting? Select one:
a. Management, employees, shareholders, and lenders
b. Suppliers, customers and competitors
c. All of the answer is correct
d. Tax authorities, government and general public
Feedback
The correct answer is: All of the answer is correct
Question 49
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The area of accounting that relates to providing audit, tax, and consulting services to
clients. Select one:
a. General managers
b. Incorporators
c. Public accounting
d. Private accounting
Feedback
The correct answer is: Public accounting
Question 50
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The basic purpose of accounting is to: Select one:
a. Provide as much useful information to decision makers as possible, regardless of cost.
b. Develop financial statements in conformity with generally accepted?
c. Meet an organization's need for accounting information as efficiently as possible.
d. Record changes in the financial position of an organizations by applying the concepts
of double-entry accounting.
Feedback
The correct answer is: Meet an organization's need for accounting information as
efficiently as possible.
Question 51
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The type of accounting which reports on the performance of the firm to essential
external users. Select one:
a. Financial accounting
b. Internal auditing
c. Managerial accounting
d. External accounting
Feedback
The correct answer is: Financial accounting
Question 52
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Accounting is also defined as an "Information System" because? Select one:
a. It is a system which provide information
b. All of the answers are correct
c. The function of accounting is to provide quantitative information, primarily financial in
nature about economic entities.
d. Accounting provides required information for anyone seeking it
Feedback
The correct answer is: The function of accounting is to provide quantitative information,
primarily financial in nature about economic entities.
Question 53
Not answered
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Accounting and bookkeeping are synonymous. Select one:
a. False
b. True
Feedback
The correct answer is: False
Question 54
Not answered
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Government agency gives a CPA certificate to an accountant after he passes a series of
rigorous examinations administered by the Board of Accountancy (BOA). Select one:
a. School Registrar
b. {
c. Civil Service Commission
d. PRC
e. BIR
Feedback
The correct answer is: PRC
Question 55
Not answered
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Accounting is the language of business. Select one:
a. False
b. True
Feedback
The correct answer is: True
Question 56
Not answered
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The area of the accounting profession that deals with providing information to meet the
needs of the internal decision-makers. Select one:
a. Management Accounting
b. No correct answer
c. Auditing
d. Financial Accounting
Feedback
The correct answer is: Management Accounting
Question 57
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All of the following are characteristics of managerial accounting, except: Select one:
a. Information must be developed in conformity with generally accepted accounting
principles or with income tax regulations.
b. Information may be tailored to assist in specific managerial decisions.
c. Reports are used primarily by insiders rather than by persons outside of the business
entity.
d. Its purpose is to assist managers in planning and controlling business operations.
Feedback
The correct answer is: Information must be developed in conformity with generally
accepted accounting principles or with income tax regulations.
Question 58
Not answered
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Accounting deals with quantifiable information. Select one:
a. True
b. False
Feedback
The correct answer is: True
Question 59
Not answered
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Profit and Loss (P&L) statement is also known as Select one:
a. Statement of operations
b. All of the correct answer
c. Statement of earnings
d. Statement of income
Feedback
The correct answer is: Statement of income
Question 60
Not answered
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Person who manages all of a firm's accounting activities. Select one:
a. Controller
b. Accounting staff
c. Payroll manager
Feedback
The correct answer is: Controller
Question 61
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Answer in the history of accounting this city is known as the city of commerce.
Feedback
The correct answer is: Babylonia
Question 62
Not answered
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Accounting involves communication. Select one:
a. True
b. False
Feedback
The correct answer is: True
Question 63
Not answered
Marked out of 1.00
Private accounting as a sub-discipline of accounting, includes: Select one:
a. Tax consultancy
b. External auditing
c. Management accounting
d. Management advisory services
Feedback
The correct answer is: Management accounting
Question 64
Not answered
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The basic function of financial accounting is to Select one:
a. Assist the management in performing functions effectively
b. Interpret financial data
c. No correct answer
d. Record all business transactions
Feedback
The correct answer is: Interpret financial data
Question 65
Not answered
Marked out of 1.00
Which is the last step of accounting as a process of information? Select one:
a. ommunication of information
b. Analysis and interpretation of information
c. Preparation of financial statement
d. Recording the transaction
Feedback
The correct answer is: Preparation of financial statement
Question 66
Not answered
Marked out of 1.00
Which of the following statement is not true? Select one:
a. A non-accounting graduate may work as a bookkeeper or accountant of a business
enterprise.
b. A non-CPA may be the chief accountant of a business enterprise.
c. To be a good accountant, one must have mastery of mathematics.
d. A non-CPA may be engaged in public accounting.
Feedback
The correct answer is: To be a good accountant, one must have mastery of
mathematics.
Question 67
Not answered
Marked out of 1.00
Which is the last step of accounting as a process of information? Select one:
a. Preparation of financial statement
b. Communication of information
c. Analysis and interpretation of information
d. Recording the transaction
Feedback
The correct answer is: Preparation of financial statement
Question 68
Not answered
Marked out of 1.00
The basic function of financial accounting is to Select one:
a. Record all business transactions
b. No correct answer
c. Interpret financial data
d. Assist the management in performing functions effectively
Feedback
The correct answer is: Interpret financial data
Question 69
Not answered
Marked out of 1.00
Which of the following is the most appropriate definition for Accountancy?
Select one:
a. Accountancy refers to the art of classifying the recorded transactions under their
respective accounts
b. Accountancy refers to the art of communicating the financial transactions to
accounting users
c. Accountancy refers to the systematic knowledge of accounting.
d. Accountancy refers to the process of recording financial transactions in the order of
their occurrence
Feedback
The correct answer is: Accountancy refers to the art of classifying the recorded
transactions under their respective accounts
Question 70
Not answered
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A one year reporting period that begins on January 1 ends on December 31 is: Select
one:
a. Calendar year reporting period
b. Fiscal year reporting period
c. Quarterly reporting period
d. Semester reporting period
Feedback
The correct answer is: Calendar year reporting period
Question 71
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Probable future sacrifices of economic benefits arising from past transactions are known
as: Select one:
a. Liabilities
b. Income
c. Assets
d. Expenses
Feedback
The correct answer is: Liabilities
Question 72
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It deals with recording, classifying and summarizing the details of materials, labor and
overhead necessary to produce and sell product or service.
Select one:
a. Government Accounting
b. Auditing
c. Cost Accounting
d. Financial Accounting
Feedback
The correct answer is: Cost Accounting
Question 73
Not answered
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Accounting involves communication. Select one:
a. False
b. True
Feedback
The correct answer is: True
Question 74
Not answered
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Person who manages all of a firm's accounting activities. Select one:
a. Controller
b. Payroll manager
c. Accounting staff
Feedback
The correct answer is: Controller
Question 75
Not answered
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The four principal qualitative characteristics of useful financial statements are: Select
one:
a. Understandability, relevance, accuracy, comparability
b. Understandability, relevance, reliability, simplicity
c. Understandability, relevance, reliability, comparability
d. Timeliness, relevance, reliability, comparability
Feedback
The correct answer is: Understandability, relevance, reliability, comparability
Question 76
Not answered
Marked out of 1.00
Government agency gives a CPA certificate to an accountant after he passes a series of
rigorous examinations administered by the Board of Accountancy (BOA). Select one:
a. BIR
b. School Registrar
c. PRC
d. Civil Service Commission
Feedback
The correct answer is: PRC
Question 77
Not answered
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Although accounting information is used by a wide variety of external parties, financial
reporting is primarily directed toward the information needs of: Select one:
a. Customers
b. Investors and creditors
c. Government agencies such as the Internal Revenue Service.
Feedback
The correct answer is: Investors and creditors
Question 78
Not answered
Marked out of 1.00
Public Accounting, as a sub-discipline of accounting, includes: Select one:
a. Management Accounting
b. Cost accounting
c. Managerial Advisory services
d. Internal auditing
Feedback
The correct answer is: Managerial Advisory services
Question 79
Not answered
Marked out of 1.00
The chief accounting officer of a medium-sized or large business enterprise. Select one:
a. Treasurer
b. Auditor
c. Bookkeeper
d. Controller
Feedback
The correct answer is: Controller
Question 80
Not answered
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Certain assumptions are essential to prepare financial statements. Select one:
a. True
b. False
Feedback
The correct answer is: True
Question 81
Not answered
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Accounting involves communication. Select one:
a. True
b. False
Feedback
The correct answer is: True
Question 82
Not answered
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Information is cost effective when: Select one:
a. The value of the information exceeds the cost of producing it.
b. The information aids management in controlling costs.
c. The information is generated by a computer-based system.
d. The information is based upon the historical costs, rather than upon?
Feedback
The correct answer is: The value of the information exceeds the cost of producing it.
Question 83
Not answered
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Accounting deals with quantifiable information. Select one:
a. True
b. False
Feedback
The correct answer is: True
Question 84
Not answered
Marked out of 1.00
Public accounting, as a sub-discipline of accounting, includes: Select one:
a. Management advisory services
b. Internal auditing
c. Management accounting
d. Cost accounting
Feedback
The correct answer is: Management advisory services
Question 85
Not answered
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Which of the following is true about financial statements? Select one:
a. Statement I only
b. Statement II only
c. No correct answer
d. Both I & II
e. Statement I: Financial statement gives a summary of accounts.
Statement II: Financial statements can be stated as recorded facts.
Feedback
The correct answer is: Both I & II
Question 86
Not answered
Marked out of 1.00
Which of the following is more appropriate definition for Accountancy? Select one:
a. Accountancy refers to the process of recording financial transactions in the order of
their occurrence
b. Accountancy refers to the art of communicating the financial transactions to
accounting users
c. Accountancy refers to the art of classifying the recorded transactions under their
respective accounts
d. Accountancy refers to the systematic knowledge of accounting.
Feedback
The correct answer is: Accountancy refers to the art of classifying the recorded
transactions under their respective accounts
Question 87
Not answered
Marked out of 1.00
The basic function of financial accounting is to Select one:
a. Interpret financial data
b. No correct answer
c. Assist the management in performing functions effectively
d. Record all business transactions
Feedback
The correct answer is: Interpret financial data
Question 88
Not answered
Marked out of 1.00
Which of the following statements are true? Select one:
a. Both I & II
b. Both II & III
c. I, II, III
d. Both I and III
e. Statement I: External analysis depends entirely on issued financial.
Statement II: Interpretation and analysis both are different.
Statement III: Financial analysis covers interpretation.
Feedback
The correct answer is: I, II, III
Question 89
Not answered
Marked out of 1.00
Which of the following statement is not true? Select one:
a. A non-CPA may be engaged in public accounting.
b. To be a good accountant, one must have mastery of mathematics.
c. A non-accounting graduate may work as a bookkeeper or accountant of a business
enterprise.
d. A non-CPA may be the chief accountant of a business enterprise.
Feedback
The correct answer is: To be a good accountant, one must have mastery of
mathematics.
Question 90
Not answered
Marked out of 1.00
Deals with independent verification and examination of the accounting records for the
purpose of giving an opinion on the fairness of its presentation. Select one:
a. Financial Accounting
b. Auditing
c. Fund Accounting
d. Owners or managers
Feedback
The correct answer is: Auditing
Question 91
Not answered
Marked out of 1.00
Accounting aims to communicate financial information to investors only. Select one:
a. False
b. True
Feedback
The correct answer is: False
Question 92
Not answered
Marked out of 1.00
Which of the following is more appropriate definition for Accountancy?
Answer:
Feedback
The correct answer is: Accountancy refers to the systematic knowledge of accounting.
Accountancy refers to the art of communicating the financial transactions to accounting
users Accountancy refers to the art of classifying the recorded transactions under their
respective accounts Accountancy refers to the process of recording financial
transactions in the order of their occurrence
Question 93
Not answered
Marked out of 1.00
Answer is the process which provides information needed as a basis of making business
decisions.
Feedback
The correct answer is: Accounting
Question 94
Not answered
Marked out of 1.00
Which of the following is a mechanical aspect of accounting? Select one:
a. Analyzing the transactions preparatory to the recording process.
b. Reviewing the effectiveness of the internal control procedures
c. Designing the accounting system
d. Preparation of a financial budget
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The correct answer is: Analyzing the transactions preparatory to the recording process.
Question 95
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Which financial statement is used to show what the firm owns? Select one:
a. Balance sheet
b. Income statement
c. Statement of retained earnings
d. Cash flow statement
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The correct answer is: Balance sheet
Question 96
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Which of the following statements are true? Select one:
a. Both I & II
b. Statement II only
c. Statement I: Financial statements are only interim report.
Statement II: Financial statements are also known as annual records.
Statement II: Financial statements are historic.
d. Statement I only
e. No correct answer
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The correct answer is: Both I & II
Question 97
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Information is material if: Select one:
a. Its omission or misstatement could influence the economic decisions of users taken
on the basis of the financial statements.
b. None correct answers.
c. It is recorded on the basis of concrete documents.
d. It corresponds to financial variables
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The correct answer is: Its omission or misstatement could influence the economic
decisions of users taken on the basis of the financial statements.
Question 98
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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. Select
one:
a. Tax accounting
b. Auditing
c. Financial accounting
d. Fiduciary accounting
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The correct answer is: Tax accounting
Question 99
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Which of the following is a mechanical aspect of accounting? Select one:
a. Designing the accounting system
b. Reviewing the effectiveness of the internal control procedures
c. Preparation of the financial budget
d. Analyzing the transactions preparatory to the recording process
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The correct answer is: Analyzing the transactions preparatory to the recording process
Question 100
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Which is the last step of accounting as a process of information? Select one:
a. Recording the transaction
b. Communication of information
c. Preparation of financial statement
d. Analysis and interpretation of information
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The correct answer is: Preparation of financial statement
