iACCTG1 Quiz 2

It tracks the sources and usages of public funds and maintains the books of accounts of the various agencies at all levels to ensure that government funds are properly accounted for.

• Tax Accounting

• Financial Accounting

• Government Accounting

• Cost Accounting

It means to review, analyze and examine actual results against an established and accepted set of criteria, standards, or conventions to arrive at a conclusion.

• Accounting

• Reporting

• Auditing

• Financing

This branch of accounting deals with the process of developing future accountants.

• Accounting Literacy

• Accounting Knowledge

• Accounting Information

• Accounting Education

In the Philippines, who are the taxing authorities which tax accountants interact with on behalf of businesses?

• Bureau of Taxation

• Bureau of Internal Revenue

• Bureau of Accounting

• Bureau of Taxing Authorities

Accounting standards in the Philippines are based on ____________________ issued by the International Accounting Standards Board.

• Financial Reporting Standards Council

• International Accounting Reporting Standards

• International Financial Reporting Standards

• Department of Finance

It is now called a statement of financial position under IFRS.

• Balance Sheet

• Income Statement

• Statement of Cash Flows

• Notes to the Financial Statements

It deals with the preparation and analysis of accounting information for internal use, notably by Management.

• Financial Accounting

• Management Accounting

• Cost Accounting

• Government Accounting

Its function is to provide timely and relevant information for internal users in their decision-making needs to support management in achieving the organizations’ financial objectives of profitability, liquidity, solvency, and competitiveness.

• Cost Accounting

• Managerial Accounting

• Financial Accounting

• Tax Accounting

It is now called statement of income/ statement of comprehensive income under IFRS.

• Statement of Cash Flows

• Balance Sheet

• Profit and Loss Statement

• Notes to the Financial Statements

It is the recording, presentation, and analysis of transformational cost.

• Financial Accounting

• Financial Accounting

• Managerial Accounting

• Cost Accounting