True Or False

Question 1

Transparency and accountability provides trust amongst stakeholders by providing equal system and reliable information.

Answer 1

True

Question 2

The primary own of management accounting is to assist organization in achieving their objective by effectively analyzing and interpreting data, cost, revenue, and overall performance.

Answer 2

True

Question 3

In key functions of management accounting, cost analysis is a fundamental management of accounting that understand cost behavior which helps organization identify cost saving opportunity.

Answer 3

True

Question 4

The accounting system in the Philippines particularly for government entity is govern by framework that aligns with national laws only.

Answer 4

False

Question 5

The government accounting manual is a key documents that outlines policies, principles, and procedures for government accounting ensuring compliance with Philippines public center account standards and other laws.

Answer 5

True

Question 6

Auditing is a systematic process of examining and evaluating a company’s financial statements and records to ensure accuracy and compliance with applicable standards

Answer 6

True

Question 7

Accounting research is a vital discipline that examines how accounting practice impact people, organization, and government as well as broader economic consequences. Stakeholder use financial statements to assess company’s performance to make investment, decision, and evaluate credit.

Answer 7

True