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- 1. Multiple Choice
Preparation of trial balance, determination of adjusting entries, and preparation of financial statements are done in:
Recording
Classifying
Summarizing
Interpreting
- 2. Multiple Choice
Analysis of the companies financial statements is done in:
Recording
Classifying
Summarizing
Interpreting
- 3. Multiple Choice
It is the preparation and presentation of financial information for internal users in order to have a sound decision-making.
Tax Accounting
Cost Accounting
Financial Accounting
Managerial Accounting
- 4. Multiple Choice
This user of the financial statements is concerned mostly with the liquidity of business.
Customer
Lender
Trade Creditor
Investor
- 5. Multiple Choice
A user of financial statement who is concerned with the performance of the business and its ability to give returns.
Customer
Lender
Trade Creditor
Investor
- 6. Multiple Choice
Who among the following users of financial statements is concerned with the solvency of the business?
Customer
Lender
Trade Creditor
Investor
- 7. Multiple Choice
It is the first procedural step of the accounting process.
Recording
Classifying
Summarizing
Interpreting
- 8. Multiple Choice
The properties of the business are not the properties of the owner.
This is in view of the:
Accrual basis of Accounting
Going-concern assumption
Separate entity assumption
Time-period assumption
- 9. Multiple Choice
That revenue is recognized when earned and expenses are recorded when incurred are the applications of:
Accrual basis of Accounting
Going-concern assumption
Separate entity assumption
Time-period assumption
- 10. Multiple Choice
Presenting financial information at cost and not in liquidating values in the view of continued existence of the business is the meaning of
Accrual basis of Accounting
Going-concern assumption
Separate entity assumption
Time-period assumption
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