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33. What area in accounting that is task to manage financial resources of the business?

33. What area in accounting that is task to manage financial resources of the business?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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33. What area in accounting that is task to manage financial resources of the business? 34. A CPA without any permission divulge an information about an entity under audit, this is in violation of principle in professional ethics. 35. An information that is relevant but not captured on the face of the financial statements is normally reflected in the notes to financial statement, this practice is in compliance of 36. What criteria of GAAP that supports the practice of preparing financial statements on time so that it can be used in making a decision? 37. Accrual accounting of income is an application of - principle. basic principle. 38. Accrual accounting of expense is an application of basic principle. 39. This basic ethical principle requires that CPA must adhere to relevant laws and regulation and should avoid acts that discredit the profession is called 40. This is a report where the entity's financial performance is reflected 41. This is a report where the entity's financial stability, liquidity and profitability is reflected, 42. What type of business organization owned by shareholders? 43. This branch of accounting includes financial and non-financial data from various sources and utilized it for specific decision is called 44. This area involves collection of financial data and entering these data in the books of accounts, this is called 45. (should be answered with True or False). For reporting purposes, the personal assets and debts of a business owner should be combined with the assets and debts of the business.
Transcribed Image Text:33. What area in accounting that is task to manage financial resources of the business? 34. A CPA without any permission divulge an information about an entity under audit, this is in violation of principle in professional ethics. 35. An information that is relevant but not captured on the face of the financial statements is normally reflected in the notes to financial statement, this practice is in compliance of 36. What criteria of GAAP that supports the practice of preparing financial statements on time so that it can be used in making a decision? 37. Accrual accounting of income is an application of - principle. basic principle. 38. Accrual accounting of expense is an application of basic principle. 39. This basic ethical principle requires that CPA must adhere to relevant laws and regulation and should avoid acts that discredit the profession is called 40. This is a report where the entity's financial performance is reflected 41. This is a report where the entity's financial stability, liquidity and profitability is reflected, 42. What type of business organization owned by shareholders? 43. This branch of accounting includes financial and non-financial data from various sources and utilized it for specific decision is called 44. This area involves collection of financial data and entering these data in the books of accounts, this is called 45. (should be answered with True or False). For reporting purposes, the personal assets and debts of a business owner should be combined with the assets and debts of the business.
22. The financial accounting process provides information about economic activities of an enterprise for a specified accounting period that is shorter than the life of the enterprise, this practice is in compliance to concept of 23. An accountant employed by a particular business firm or not-for-profit organization, perhaps as chief accountant, controller or financial vice president are said to be engaged in 24. A business organization is owned by people called members is a 25. One basic principles in accounting states that an accounting transaction has to be supported by sufficient evidence to allow two or more qualified individuals to arrive at essentially similar conclusion is called 26. Carrying out professional responsibilities diligently and in accordance with applicable technical and professional standards is description of the principle of 27. A professional accountant should be straightforward and hones in all professional and business relationships is in consonance with the principle of, 28. This is an organization whose main function is to establish and improve accounting standards that will be GAAP. This group is 29. Accountant do not recognize that the value of the peso changes over time. This concept is called 30. The set of guidelines and procedures that constitute acceptable accounting practice at a given time is called 31. The Filipino accountants should possess knowledge to enable them to compete internationally. (Enumerate here the knowledge required) 4 pts. 32. A branch in accounting that concern with the preparation and publish of complete financial statements to intended users is called
Transcribed Image Text:22. The financial accounting process provides information about economic activities of an enterprise for a specified accounting period that is shorter than the life of the enterprise, this practice is in compliance to concept of 23. An accountant employed by a particular business firm or not-for-profit organization, perhaps as chief accountant, controller or financial vice president are said to be engaged in 24. A business organization is owned by people called members is a 25. One basic principles in accounting states that an accounting transaction has to be supported by sufficient evidence to allow two or more qualified individuals to arrive at essentially similar conclusion is called 26. Carrying out professional responsibilities diligently and in accordance with applicable technical and professional standards is description of the principle of 27. A professional accountant should be straightforward and hones in all professional and business relationships is in consonance with the principle of, 28. This is an organization whose main function is to establish and improve accounting standards that will be GAAP. This group is 29. Accountant do not recognize that the value of the peso changes over time. This concept is called 30. The set of guidelines and procedures that constitute acceptable accounting practice at a given time is called 31. The Filipino accountants should possess knowledge to enable them to compete internationally. (Enumerate here the knowledge required) 4 pts. 32. A branch in accounting that concern with the preparation and publish of complete financial statements to intended users is called
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