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2nd day > FABM > Flashcards

FABM Flashcards

1
Q

what are the eight branches of accounting

A

Financial Accounting
Management Accounting
Government Accounting
Auditing
Tax Accounting
Cost Accounting
Accounting Education
Accounting Research

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2
Q

example of Internal users:

A

Management
Employees
Owners
Stockholders

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3
Q

example of External users:

A

Customers
Creditors
Potential investors
Government
Academe
Public

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4
Q

is a branch of accounting primarily handling the recording of financial transactions of a business.

A

Financial Accounting

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5
Q

Financial Accounting more popularly known as the _______________________

A

financial statements

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6
Q

the____ ____ for the benefit of internal and external users.

A

financial statements

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7
Q

should provide information useful to a wide range of users in their economic decisions.

A

Financial statements

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8
Q

supply guidelines on how companies should prepare their financial statements.

A

The PFRS and PAS

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9
Q

allow the users to compare the results of operations of different companies regardless of size and nature.

A

Standardized financial statements

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10
Q

the financial statements are called _______ __________

A

general purpose financial statements

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11
Q

are utilized by internal parties to guide them in the decision-making process for the company.

A

financial statements

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12
Q

branch of accounting which focuses on the preparation of financial reports used by managers in their day-to-day decision-making

A

Management Accounting

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13
Q

Reports generated using management accounting are for ___________________.

A

internal users

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14
Q

summarizes financial information gathered within a specified period.

A

Financial Accounting

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15
Q

is forward-looking. It contains forecasted information used by managers in planning.

A

management accounting information

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16
Q

Roles of Management Accountants:

A
  • Advise managers about the financial implications of projects
  • Explain the financial consequences of business decisions
  • Formulate business strategy
  • Monitor spending and financial control
  • Conduct internal business audits
  • Explain the impact of the competitive landscape
  • Bring a high level of professionalism and integrity to the
    business
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17
Q

used in deciding how the business should act going forward

A

management accounting

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18
Q

5 Management Accounting Skill Set:

A
  • Analysis
  • Strategy
  • Risk
  • Planning
  • Communication
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19
Q

Management accountants should be able to analyze information and use it to make business decisions.

A

Analysis

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20
Q

Management accountants should be able to formulate business strategies that will increase the company’s wealth and create value for the company’s shareholders.

A

Strategy

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21
Q

Management accountants should be able to identify risks that can potentially have detrimental effects to the company. At the same time, management accountants should give recommendations on how to manage such risks.

A

Risk

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22
Q

Management accountants should be able to apply accounting techniques in the planning and budget creation phase of a business.

A

Planning

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23
Q

Management accountants should be able to identify what information the management needs and also explain the numbers to non- financial managers.

A

Communication

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24
Q

Even though management reports do not follow the requirements imposed by accounting standards like the PFRS and PAS, management accountants are still expected to follow the CIMA code of ethics.

A

Ethical Code

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25
Q

what is Government Accounting?

A

According to Section 109 of Presidential Decree 1445, government accounting is defined as an accounting system which “encompasses the process of analyzing, recording, classifying, summarizing, and communicating all transactions involving the receipt and disposition of government fund and property and interpreting the result thereof.”

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26
Q

Section 110 of the same decree lays down the objectives of government accounting:

A
  1. To provide information concerning past operations and present conditions
  2. To provide a basis for guidance for future operations
  3. To provide for control of the acts of public bodies and offices in the receipt, disposition, and utilization of funds and property
  4. To report on the financial position and the results of operations of government agencies for the information and guidance of all persons concerned
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27
Q

is used by all government agencies (e.g., DepEd, DPWH, and BIR).

A

Government accounting

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28
Q

is that it enhances responsibility accounting in all agencies.

A

New Government Accounting System (NGAS)

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29
Q

This system of placing accountability in each agency discourages misappropriation and misuse of public funds.

A

New Government Accounting System (NGAS)

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30
Q

is the enacted budget of the country for the upcoming year. has the force of law and it states how much an agency can spend for the year.

A

General Appropriations Act (GAA).

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31
Q

responsible for the keeping of the government’s general accounts.
tasked to keep and update the accounting books of the whole organization.

A

Commission on Audit (COA)

32
Q

responsible for the safekeeping of the national funds. It serves like a bank where the funds are kept.

A

Bureau of Treasury (BTr)

33
Q

responsible for the management and control of the disbursements of such funds

A

Bureau of Treasury (BTr)

34
Q

responsible in maintaining accounts of financial transactions of all natural government agencies.

A

Bureau of Treasury (BTr)

35
Q

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

Financial statements

36
Q

________________ want information about the company that is truthful, reliable, and relevant.

A

financial statements

37
Q

unbiased examination and evaluation of the financial statements of an organization

A

Auditing

38
Q

is a process that includes numerous steps to determine whether or not a company’s financial statements are presented truthfully.

A

Auditing

39
Q

Accountants who perform the auditing procedure are specifically called

A

auditors

40
Q

____, aside from having the competence to perform their roles, should also be independent from the company being audited.

A

auditors

41
Q

type of auditors have no connection with the company.

A

Independent auditors

42
Q

Financial statements that underwent the process of auditing are called__________________

A

audited financial statements

43
Q

are the lifeblood of the government.

A

Taxes

44
Q

____________ is to tax accounting as the PFRS and PAS are to financial accounting.

A

National Internal Revenue Code (NIRC)

45
Q

enables the taxing authorities to collect taxes that differ from the amount due computed using the financial accounting standards

A

tax accounting

46
Q

branch of accounting that provides information for management accounting and financial accounting

A

Cost Accounting

47
Q

the resource sacrificed to achieve an objective

A

Cost

48
Q

anything that you wish to find the cost

A

Cost object

49
Q

an activity that is a cause of the incurrence of costs

A

Cost driver

50
Q

costs that can economically be traced to a cost object

A

Direct cost

51
Q

costs that cannot be traced to a cost object

A

Indirect cost

52
Q

costs that do not change within a relevant range of activity

A

Fixed cost

53
Q

costs that change as the level of activity or production increases

A

Variable cost

54
Q

Bachelor of Science in Accountancy (BSA) in the Philippines is normally a ___ year

A

5 year

55
Q

deals with the promulgation of accounting knowledge to various interested parties that will aid them in achieving their individual goals.

A

Accounting Education

56
Q

According to the _______________________, the standards of admission to any BSA program should be sufficiently rigorous and demanding.

A

Commission on Higher Education (CHED)

57
Q

branch of accounting that deals with the creation of new knowledge.

A

Accounting Research

58
Q

is a comprehensive test composed of seven subjects.

A

CPA Licensure Exam

59
Q

The CPA Licensure Exam is a comprehensive test composed of _____________

A

seven subjects

60
Q

A candidate should achieve a general average of at least ___ with no rating below ___ in any of the seven subjects in order to pass the exam.

A

75%
60%

61
Q

branch of accounting that deals with the creation of new knowledge.

A

Accounting Research

62
Q

Continous improvement of the accountancy field through researches and studies

A

Accounting Research

63
Q

PFRS -

A

Philippine Financial Reporting Standard

64
Q

PAS

A

Philippine Accounting Standards

65
Q

CIMA

A

Chartered Institute of Management Accountants

66
Q

NGAS

A

New Government Accounting System

67
Q

GAA

A

General Appropriations Act

68
Q

COA

A

Commission on Audit

69
Q

DBM

A

Department of Budget and Management

70
Q

BTr

A

Bureau of Treasury

71
Q

NIRC

A

National Internal Revenue Code

72
Q

BSA

A

The Bachelor of Science in Accountancy

73
Q

CHED

A

Commission on Higher Education

74
Q

NSAT

A

National Secondary Assessment Test

75
Q

PEPT

A

Philippine Educational Placement Test

2nd day (3 decks)

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