FBAM [AMA]

School: AMA Computer University - Course: FABM 111 - Subject: Accounting

THIRD QUARTER A person who is responsible for the formation and molding the mind of competitive accountants and consultants. Bookkeeper Government Accounting Accounting professor Auditor Which of the following is an internal user of the financial data? Employees and their labor union Management Stockholders Customers The information about a customer that would be of most interest to a suppliers is: Annual dividends Compliance with accounting standards Taxable income Ability to pay off debts as they fall due. A person with knowledge of accounting, who does the routine work of recording, classifying, and summarizing phases of accounting. Tax accountant Management consultant Bookkeeper Controller Which of the following is a more appropriate definition for Accountancy? Accountancy refers to the art of classifying the recorded transactions under their respective accounts Interpret financial data Preparation of financial statement Accountancy refers to a non-systematic knowledge of accounting Deals with independent verification and examination of the accounting records for the purpose of giving an opinion on the fairness of its presentation. Owners or managers Fund Accounting Financial Accounting Auditing Sub-area of the accounting profession that deals primarily with providing information to external data-users, including but not limited to financial statements. Owners and managers Financial Accounting Bookkeeping Financial Statements Accounting deals with quantifiable information. True Downloaded by Princes Sumague ([email protected])lOMoARcPSD|18470591

False Which is the last step of accounting as a process of information? Interpret financial data Preparation of financial statement Accountancy refers to the art of classifying the recorded transactions under their respective accounts Which of the following statement is not true? A non-CPA may be engaged in public accounting. To be a good accountant, one must have mastery of mathematics. A non-CPA may be the chief accountant of a business enterprise. A non-accounting graduate may work as a bookkeeper or accountant of a business enterprise. Which of the following is not a part of the functions of the accounting system? Analyzing and recording the business transactions of the enterprise. Reporting the results of operations during a reporting period Preparing financial statements that are favorable to the data-users. Classifying and summarizing the effects of the transactions on the accounting elements The period covered by the prepared financial statements: Cannot be longer than 12 months. Cannot be shorter than 12 months. Should be of the same length all the time. Cannot end at the middle of a month.