Bookkeeping NC III TWSP - Group 1 & 2 Reports

They are professionals responsible for recording an organization's financial transactions.

A system using debit and credit entries.

GAAP guides how bookkeepers should record, classify, and summarize financial data.

When did the first accountants took the standardized test that designated them as CPAs?

_________ are the final product of accounting.

The principle of periodicity assumes the business will continue operating in the foreseeable future.

The Philippine Financial Reporting Standards is based on International Accounting Standards.

It refers to the routinary and mechanical process of writing transactions. Also known as journalizing or bookkeeping.

It is often called the "language of business" because it communicates financial information to stakeholders.

He is known as the father of accounting.

It is the process of summarizing, analyzing, and reporting financial information based on data from bookkeeping.

______ are a set of accounting standards issued by the Accounting Standards Council in the Philippines.

The chronological recording of business transactions and events in the books of accounts.

It refers to the process of analyzing and evaluating the information presented in the face of the financial statements.

It is the phase of the accounting process which involves preparation of the financial statements.

They are licensed professionals who prepare, examine, and interpret financial reports for decision-making & compliance.

PAS & PFRS ensure that American businesses produce accurate, consistent, & globally understandable financial statements.

Which of the following is not a stage of accounting history?

It refers to a common set of accounting rules, standards, and procedures that must be followed when compiled in FS.

The process of transferring the same information from the journal to the ledger is called _____________.

PAS is the Philippines' adaptation of global standards

It refers to the ability of the business to realize more revenues then expenses.

The practice of recording financial entries at the end of each given accounting period.

It refers to the ability of the business to pay its current maturing obligations that are payable within 1 year.

Which of the following is not a key reason why keeping business records is important?