1. True or false: For the following items, identify if the statements are true or false. Choose the letter that represents the correct combination of answers. 1. Statement I - Double-entry bookkeeping involves a debit and a credit for every transaction. Statement II - The recording of the economic events also involves the classifying of such events a. Both Statements are true b. Only Statement I is true c. Only Statement II is true d. Both Statements are false
1. True or false: For the following items, identify if the statements are true or false. Choose the letter that represents the correct combination of answers. 1. Statement I - Double-entry bookkeeping involves a debit and a credit for every transaction. Statement II - The recording of the economic events also involves the classifying of such events a. Both Statements are true b. Only Statement I is true c. Only Statement II is true d. Both Statements are false
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![C. Only Statement II is true
d. Both Statements are false
6. Statement I- Basically, there is no difference between the statements written in the
PFRS and those written in the NIRC
Statement II - The statements in the NIRC have the force of law.
a. Both Statements are true
b. Only Statement I is true
c. Only Statement II is true
d. Both Statements are false
7. StatementI- Financial statements that underwent the process of auditing are called
audited financial statements.
Statement II- The accountant's opinion will be the basis whether or not the financial
statements are prepared truthfully and without any material errors.
a. Both Statements are true
b. Only Statement I is true
c. Only Statement II is true
d. Both Statements are false
8. Statement I- Tax accounting records financial transactions in the same manner with
financial accounting.
Statement II - Tax accounting follows the pronouncements of the National Internal
Revenue Code (NIRC).
a. Both Statements are true
b. Only Statement I is true
c. Only Statement II is true
d. Both Statements are false
9. Statement I- Indirect Costs are costs that can be economically traced to a cost object.
Statement II - Direct costs are costs that cannot be traced to a cost object.
a. Both Statements are true
b. Only Statement I is true
c. Only Statement II is true
d. Both Statements are false
10. Statement I- Fixed costs are costs that do not change within the relevant range of
activity.
Statement II - Variable costs are costs that change as the level of activity or
production increases.
a. Both Statements are true
b. Only Statement I is true
c. Only Statement II is true
d. Both Statements are false
11. Statement I - Accounting research is a branch of accounting.
Statement II - Accounting research deals with the creation of new knowledge.
a. Both Statements are true
b. Only Statement I is true
c. Only Statement II is true
||](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3b0d4c35-9acb-49fa-b876-316d5cda9077%2Fa7689d66-4ef4-4aeb-ad7c-eeb168c34fe1%2Fc8ux1jo_processed.jpeg&w=3840&q=75)
Transcribed Image Text:C. Only Statement II is true
d. Both Statements are false
6. Statement I- Basically, there is no difference between the statements written in the
PFRS and those written in the NIRC
Statement II - The statements in the NIRC have the force of law.
a. Both Statements are true
b. Only Statement I is true
c. Only Statement II is true
d. Both Statements are false
7. StatementI- Financial statements that underwent the process of auditing are called
audited financial statements.
Statement II- The accountant's opinion will be the basis whether or not the financial
statements are prepared truthfully and without any material errors.
a. Both Statements are true
b. Only Statement I is true
c. Only Statement II is true
d. Both Statements are false
8. Statement I- Tax accounting records financial transactions in the same manner with
financial accounting.
Statement II - Tax accounting follows the pronouncements of the National Internal
Revenue Code (NIRC).
a. Both Statements are true
b. Only Statement I is true
c. Only Statement II is true
d. Both Statements are false
9. Statement I- Indirect Costs are costs that can be economically traced to a cost object.
Statement II - Direct costs are costs that cannot be traced to a cost object.
a. Both Statements are true
b. Only Statement I is true
c. Only Statement II is true
d. Both Statements are false
10. Statement I- Fixed costs are costs that do not change within the relevant range of
activity.
Statement II - Variable costs are costs that change as the level of activity or
production increases.
a. Both Statements are true
b. Only Statement I is true
c. Only Statement II is true
d. Both Statements are false
11. Statement I - Accounting research is a branch of accounting.
Statement II - Accounting research deals with the creation of new knowledge.
a. Both Statements are true
b. Only Statement I is true
c. Only Statement II is true
||
![I. True or false: For the following items, identify if the statements are true or false.
Choose the letter that represents the correct combination of answers.
1. Statement I - Double-entry bookkeeping involves a debit and a credit for every
transaction.
Statement II - The recording of the economic events also involves the classifying of
such events
a. Both Statements are true
b. Only Statement I is true
c. Only Statement Il is true
d. Both Statements are false
2. Statement I - Small businesses, such as sari-sari stores, have little to no use of
accounting
Statement II- Accounting reports and/or financial statements need not be presented
in a standardized way.
a. Both Statements are true
b. Only Statement I is true
c. Only Statement Il is true
d. Both Statements are false
3. Statement I- Accounting involves financial information in the recording process.
Statement II - There are three principal activities in the accounting process.
a. Both Statements are true
b. Only Statement I is true
c. Only Statement Il is true
d. Both Statements are false
4. Statement I- Financial accounting should follow all the guidelines in the PFRS and
PAS even if doing so would result in financial statements that are misstated.
Statement II - The GAA has the force of law and it states how much an agency can
spend for the coming year.
a. Both Statements are true
b. Only Statement I is true
c. Only Statement II is true
d. Both Statements are false
5. Statement I- Management reports are usually produced annually.
Statement II - Financial statements prepared by a company are often the only source
of information an interested outside party has regarding the results of the company's
operations.
a. Both Statements are true
b. Only Statement I is true](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3b0d4c35-9acb-49fa-b876-316d5cda9077%2Fa7689d66-4ef4-4aeb-ad7c-eeb168c34fe1%2F7r86hd_processed.jpeg&w=3840&q=75)
Transcribed Image Text:I. True or false: For the following items, identify if the statements are true or false.
Choose the letter that represents the correct combination of answers.
1. Statement I - Double-entry bookkeeping involves a debit and a credit for every
transaction.
Statement II - The recording of the economic events also involves the classifying of
such events
a. Both Statements are true
b. Only Statement I is true
c. Only Statement Il is true
d. Both Statements are false
2. Statement I - Small businesses, such as sari-sari stores, have little to no use of
accounting
Statement II- Accounting reports and/or financial statements need not be presented
in a standardized way.
a. Both Statements are true
b. Only Statement I is true
c. Only Statement Il is true
d. Both Statements are false
3. Statement I- Accounting involves financial information in the recording process.
Statement II - There are three principal activities in the accounting process.
a. Both Statements are true
b. Only Statement I is true
c. Only Statement Il is true
d. Both Statements are false
4. Statement I- Financial accounting should follow all the guidelines in the PFRS and
PAS even if doing so would result in financial statements that are misstated.
Statement II - The GAA has the force of law and it states how much an agency can
spend for the coming year.
a. Both Statements are true
b. Only Statement I is true
c. Only Statement II is true
d. Both Statements are false
5. Statement I- Management reports are usually produced annually.
Statement II - Financial statements prepared by a company are often the only source
of information an interested outside party has regarding the results of the company's
operations.
a. Both Statements are true
b. Only Statement I is true
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