Review

What is primarily centered on the critical examination of financial statements by an independent CPA to express an opinion regarding the fairness of the contents of the financial Statements?

• auditing

• cost accounting

• financial accounting

• management accounting

• tax accounting

Which branch of accounting embraces the preparation of various tax returns and tax planning necessary to minimize the impact of taxes on the firm?

• Auditing

• Cost accounting

• Financial accounting

• Management accounting

• Tax accounting

Which branch of accounting is primarily concerned with the preparation of specific purpose financial statements for the management to base financial decisions on?

• Auditing

• Financial accounting

• Cost accounting

• Tax accounting

• Management Accounting

Which branch of accounting is concerned with analyzing costs of products or services rendered in a business?

• Auditing

• Cost accounting

• Financial Accounting

• Management Accounting

• Tax Accounting

Which branch of accounting deals with the calculate the profit or loss of a business during a period and to provide an accurate picture of the financial position of the business as on a particular date to investors or banks?

• Auditing

• Cost accounting

• Financial Accounting

• Management accounting

• Tax accounting

Keanna, Toni, and Harold are accountants in a large multinational corporation. They prepare various Management Information reports such as Budgets, Projected Cash Flow Statements, Cost-Volume-Profit Analysis reports, Break-Even-Point calculation for the different department heads, the Vice-Presidents, the president, and the CEO to consider. Which branch of accounting is being talked about in this scenario.

• Auditing

• Cost Accounting

• Financial Accounting

• Management Accounting

• Tax Accounting

Rob is a CPA who inspects the accuracy and consistency of financial statements and certifies the accounts done by the accountants of his clients. Which branch of accounting is Rob doing?

• Auditing

• Cost Accounting

• Financial accounting

• Management Accounting

• Tax accounting

Kelsie work for TLE manufacturing Corporation. She is under the accounting department mainly responsible for making sure that the her company gets the cheapest prices of raw materials with the highest quality possible to reduce waste expenses. She also makes sure that the electricity bill and other utility bills are as low as possible with the highest possible output of products manufactured. Which branch of accounting is Kelsie under?

• Auditing

• Cost Accounting

• Financial Accounting

• Management Accounting

• Tax Accounting

Krystel is an accountant who assisting clients and companies with their financial and income tax statements. She studied tax laws and is up-to-date with tax issues. Which branch of accounting does she fall under?

• Auditing

• Cost accounting

• Financial Accounting

• Management accounting

• Tax accounting

Adrian works at a large bank as an a type of accountant. His duties are to prepare profit and loss statements to show clients and potential investors the general financial health of the bank that he works at. Which branch of accounting are Adrian's duties under?

• Auditing

• Cost accounting

• Financial accounting

• Management accounting

• Tax accounting