LESSON 4 (Multiple Choice)

Question 1

Generally recognized by universities and colleges as requiring special training leading to a degree distinct from the usual degrees in arts and sciences

A. Profession
B. Accountancy
C. Professional Accountant

Answer 1

A. Profession

Question 2

Requiring principally mental rather than manual or artistic labor and skill for its successful prosecution

A. Profession
B. Accountancy
C. Professional Accountant

Answer 2

A. Profession

Question 3

Recognizing the duty of public service

A. Profession
B. Accountancy
C. Professional Accountant

Answer 3

A. Profession

Question 4

Recognizing the duty of public service

A. Profession
B. Accountancy
C. Professional Accountant

Answer 4

A. Profession

Question 5

Having code of ethics generally accepted as binding upon its members.

A. Profession
B. Accountancy
C. Professional Accountant

Answer 5

A. Profession

Question 6

The theory and practice of Accounting : its responsibilities, standards, conventions and activities generally.

A. Profession
B. Accountancy
C. Professional Accountant

Answer 6

B. Accountancy

Question 7

One engaged in public accounting; certified
public accountant so engaged.

A. Profession
B. Accountancy
C. Professional Accountant

Answer 7

C. Professional Accountant

Question 8

CPAs are employed in business enterprises in various capacity as accounting staff, chief accountant, external auditor and controller.

A. Private Accounting
B. Public Accounting
C. Government Accounting
D. Accounting Education

Answer 8

A. Private Accounting

Question 9

encompasses the process of analyzing, summarizing and communicating all transactions involving the receipt and disposition of government funds and property and interpreting the results thereof.

A. Private Accounting
B. Public Accounting
C. Government Accounting
D. Accounting Education

Answer 9

C. Government Accounting

Question 10

practice of the accountancy profession. Individual practitioners, small accounting firms and large multinational organizations render independent and expert financial services to the public such as auditing taxation and managerial advisory services.

A. Private Accounting
B. Public Accounting
C. Government Accounting
D. Accounting Education

Answer 10

B. Public Accounting

Question 11

Lies with educators in:
1. Effective teaching in
colleges and universities;
2. Publishing significant
research findings in
professional journals; and
3. Influencing top students to
pursue careers in accounting.

A. Private Accounting
B. Public Accounting
C. Government Accounting
D. Accounting Education

Answer 11

D. Accounting Education

Question 12

4 AREAS (SCOPE) IN THE PRACTICE OF ACCOUNTING

A. Private Accounting, Public Accounting, Government Accounting, Accounting Education
B. Profession, Accountancy, Bookkeeping, Professional Accountant

Answer 12

A. Private Accounting, Public Accounting, Government Accounting, Accounting Education

Question 13

is a field f activity involving an
independent review of the accounting records. In
conducting an audit, public accountants examine
the records supporting the financial reports of an
enterprise and express an opinion regarding
their fairness and reliability.

A. MANAGEMENT ACCOUNTING
B. TAX ACCOUNTING
C. AUDITING
D. ACCOUNTING SYSTEM

Answer 13

C. AUDITING

Question 14

involves the preparation of annual
income as returns and determination of tax
consequences of certain proposed business
endeavors.

A. MANAGEMENT ADVISORY SERVICES (MAS)
B. TAXATION
C. TAX ACCOUNTING
D. SOCIAL ACCOUNTING

Answer 14

B. TAXATION

Question 15

has no precise coverage but is generally used to refer
to services to clients on matters of accounting,
finance, business policies, organization
procedures, product costs, distribution and many
other phases of business conduct operations.

A. BUDGETARY ACCOUNTING
B. INTERNATIONAL ACCOUNTING
C. NOT-FOR PROFIT ACCOUNTING
D. MANAGEMENT ADVISORY SERVICES (MAS)

Answer 15

D. MANAGEMENT ADVISORY SERVICES (MAS)

Question 16

concerned with the
recording of transaction for a business
enterprise or other economic unit and the
periodic preparation of various reports from
such records.

A. FINANCIAL ACCOUNTING
B. AUDITING
C. COST ACCOUNTING
D. SOCIAL ACCOUNTING

Answer 16

A. FINANCIAL ACCOUNTING

Question 17

emphasizes the
determination and the control of cost of
manufacturing processes and of manufactured
products as well as distribution costs

A. FINANCIAL ACCOUNTING
B. AUDITING
C. COST ACCOUNTING
D. SOCIAL ACCOUNTING

Answer 17

C. COST ACCOUNTING

Question 18

employs both historical and estimated data in assisting management on daily operations and in planning future operations. It deals with specific problems that confront enterprise managers at various organizational levels.

A. MANAGEMENT ACCOUNTING
B. TAX ACCOUNTING
C. AUDITING
D. ACCOUNTING SYSTEM

Answer 18

A. MANAGEMENT ACCOUNTING

Question 19

encompasses the preparatio of tax returns and the consideration of the tax consequences of proposed business transactions or alternative courses of action.

A. MANAGEMENT ACCOUNTING
B. TAX ACCOUNTING
C. AUDITING
D. ACCOUNTING SYSTEM

Answer 19

B. TAX ACCOUNTING

Question 20

a special field concerned with
the design and implementation of procedures for the
accumulation and reporting of financial data. The
system accountant must devise appropriate “checks
and balances” to safeguard buisnness assets and
provide the information that will be efficient and
helpful to management.

A. MANAGEMENT ACCOUNTING
B. TAX ACCOUNTING
C. AUDITING
D. ACCOUNTING SYSTEM

Answer 20

D. ACCOUNTING SYSTEM

Question 21

presents the plan of financial operations for a period and through records and summaries, provides comparisons of actual operations with the predetermined plan. A combination of planning and controlling future operations.

A. BUDGETARY ACCOUNTING
B. INTERNATIONAL ACCOUNTING
C. NOT-FOR PROFIT ACCOUNTING
D. MANAGEMENT ADVISORY SERVICES (MAS)

Answer 21

A. BUDGETARY ACCOUNTING

Question 22

concerned with the special problems associated with the international trade of multinational business organizations.

A. BUDGETARY ACCOUNTING
B. INTERNATIONAL ACCOUNTING
C. NOT-FOR PROFIT ACCOUNTING
D. MANAGEMENT ADVISORY SERVICES (MAS)

Answer 22

B. INTERNATIONAL ACCOUNTING

Question 23

specializes in recording and reporting the transactions of various governmental and other non-for profit organizations such as churches, charities, and educational institutions.

A. BUDGETARY ACCOUNTING
B. INTERNATIONAL ACCOUNTING
C. NOT-FOR PROFIT ACCOUNTING
D. MANAGEMENT ADVISORY SERVICES (MAS)

Answer 23

C. NOT-FOR PROFIT ACCOUNTING

Question 24

the newest field of accounting and is the most difficult describe concisely. There have been increasing demands on the profession for measurement of social costs and benefits which have previously been considered to be unmeasurable.

A. FINANCIAL ACCOUNTING
B. AUDITING
C. COST ACCOUNTING
D. SOCIAL ACCOUNTING

Answer 24

D. SOCIAL ACCOUNTING

Question 25

as a field of specialization, involved with teaching, research, auditing, tax accounting, or other areas of
accounting on a part-time or consulting basis

A. MANAGEMENT ACCOUNTING
B. TAX ACCOUNTING
C. AUDITING
D. ACCOUNTING INSTRUCTIONS

Answer 25

D. ACCOUNTING INSTRUCTIONS

Question 26

Which is part of Public Accounting?

A. Auditing
B. Taxation
C. Tax Accounting
D. Management Accounting

Answer 26

A & B
A. Auditing
B. Taxation