ACCOUNTING & ITS ENVIRONMENT

Which of the following processes is considered bookkeeping?

• Analyzing

• Reporting

• Recording

• Summarizing

Krishna started a speech therapy center. He also sells professional books on speech development. What is the nature of his business?

• Manufacturing

• Service

• Trading

• Service & Trading

A common set of accounting standards and procedures are called

• financial accounting standards.

• generally accepted accounting principles.

• objectives of financial reporting.

• statements of financial accounting concepts.

Who is the father of double-entry bookkeeping? STRICTLY WRONG SPELLING WRONG! (1Osecs)

Who is the inventor of double-entry bookkeeping? STRICTLY WRONG SPELLING WRONG! (10secs)

Who became the 1st Filipino CPA in the United States, and Founder of JRU? STRICTLY WRONG SPELLING WRONG! (10secs)

Who is the Chairman of Board of Accountancy? STRICTLY WRONG SPELLING WRONG! (10secs)

To pass the CPA Licensure Examination, the candidate must obtain a general average of

What is ACCOUNTING?

The business owner paid his son's tuition fee and the amount paid is not considered a business transaction. Which of the following concept is being applied?

• Entity concept

• Historical cost concept

• Duality concept

• Consistency concept