The process of keeping the financial records of a business is known as

Why are accurate accounting records important to a business?

Which of the following groups makes regular use of a business’s managerial accounting information:

A creditor is most likely to examine a business’s financial accounting records if the business is

Riley is an employee of the government who studies the financial reports of major businesses in a specific industry. The government’s purpose in assigning this task to Riley is to

For an accounting system to be useful to the business, the accounting information it contains must be

Which of the following is a requirement for a good accounting system:

Two employees used a business’s computerized accounting system to change some records. They were able to steal $50,000 from the business because the accounting system lacked which of the following:

Which of the following is a true statement:

Which of the following makes comparisons of the financial conditions at multiple organizations possible:

Planning, recording, analyzing, and interpreting financial information are activities of:

According to the dual aspect concept of accounting,

entries involve a minimum of how many accounts?

TRANSACTION: Sold goods for cash.

According to the dual aspect concept, When cash is received, the cash account must have a record because cash does what?

Transactions and events that cannot be measured in money terms are not recorded in the books of accounts. It is due to Money Measurement Concept.

The system of recording transactions based on Dual Aspect Concept is known as ________ _________. (2 words)

The reason the owner/proprietor is treated as responsible only up to the extent of his capital is because of the:

Creditors are considered to be

______________users of accounting.

Management would be grouped under ________ users of accounting.

Which is the first step of accounting process?

The accounting principle that states that the affairs of and owners should be accounted for separately:

Assets are recorded at their original purchase price according to the:

Switching accounting principles every year would violate the principle of :

Business transactions are reported in numbers that have common values. Meaning all reporting should be done in terms of money

Business transactions are reported in numbers that have common values. Meaning all reporting should be done in terms of money

Which of the following statement is true?

Which of the following would NOT be considered as internal users of accounting data for a company?

Accounting graduates can works as

1.External Auditors

2.Lawyers

3.Accountants

4.Tax Officers

The process of identify, classify, recording and communicating business transaction is called as book-keeping.

Customers

Marketing manager

Store manager

Suppliers

Did the company earn a satisfactory income?

Which of the following users of accounting information would be interested in the answer to the above question?

Do we need to borrow in the near future?

Which of the following users of accounting information would be interested in the answer to the above question?

How does the company’s profitability compare to other companies?

Which of the following users of accounting information would be interested in the answer to the above question?

Which product should we emphasise?

Which of the following users of accounting information would be interested in the answer to the above question?

Will the company be able to pay its short-term debts?

Which of the following users of accounting information would be interested in the answer to the above question?

Government falls into which category of accounting users?

Parties outside the reporting entity or company

Complete the following sentence:

Investors can also be...........

Which of the users listed below can be considered an Internal user ?

Which of the following may need accounting information to decide which products to buy from which companies?

A company's senior and middle management use accounting information to:

Accounting Data can be checked by

Users of accounting information are:

Employees use accounting information to

Which of the following will apply to a source document being prepared for each transaction?

Concept: When a business activity is large enough to impact business decisions, it should be recorded clearly in the financial statements

Concept: Financial statements are prepared with the expectation that business will remain in operation indefinately

Concept: The same accounting procedures must be followed in the same way each accounting period

Concept: Revenue is recorded at the same time goods or services are sold.

Concept: The revenue from business activities and the expenses associated with earning that revenue are recorded in the same accounting period

The principles of right or wrong that guide an individual in making decisions

The _________________established principles and rules which govern accounting settings in different situations.

Following the correct accounting procedures, according to moral values and company ethical standards when available is __________________________________.

Choose the correct statement.

Choose the correct statement.

Integrity means

Objectivity means

Fred is leaving the accounting practice to become the Finance Director of a client company. The ethical dilemma he is most likely to face would be

If you are notified by the Trinidad and Tobago Police Service that one of your clients is being investigated by the Fraud Squad, as the accountant.......

When applying the conceptual framework, the professional accountant shall:

This is the fundamental principle of ethics which is characterized as “to comply with relevant laws and regulations and avoid any conduct that the professional accountant knows or should know might discredit the profession.”

In order to achieve the objectives of the accountancy profession, professional accountants have to observe a number of prerequisites or fundamental principles. The fundamental principles include the following, except:

When preparing or presenting information, a professional accountant shall perform the following except:

If a professional accountant pays or receives a referral fee or receives a commission relating to a client, a self-interest threat to which principle is created?

The term professional accountant in public practice includes the following, except:

​What is the purpose of a financial audit?

​Susan is an accountant who always makes sure to keep up-to-date on changes in technology, best practices, and regulations. This practice demonstrates which core ethic of accounting?

On her way to her cubicle, Penny hears her manager scolding an intern for making a mistake. Penny knows that she was the one who made the mistake, so she goes to the manager and tells the truth. This action shows Penny's _____.

Accountants should ensure that business advertisements are truthful and are NOT made to deceive the public or competitors. This principle is known as______________________

A professional accountant should not allow any bias or conflict of interest to cloud his professional judgment. This is known as _______________________.

_________________ is very important in a business. Private information should not be share with anyone. This is called_____________.

When working in a financial environment, employees must understand their responsibilities and must be held liable, this is known as being _________________ for your actions.

When employees are skilled and capable in performing their specific job. This is called ____________.

A code of behavior considered correct for a specific group, association or profession is a called______________

Which of the following are penalties resulting from inappropriate conduct and behavior in the work place?

Which of the following is inappropriate accounting principles.

Inventory is recorded at the lower of cost or net realizable value rather than the expected selling price. This ensures profit on the sale of inventory is only realized when the actual sale takes place.

GAAP stands for:

Which of the following is an example of a role an accountant plays?

Which type of accountant specializes in examining accounting transactions for law enforcement?

Which type of accountant records and analyzes financial information for use within a company?

Which type of accountant may perform investigations to ensure regulations or taxations are being followed?

Marcus is the CEO for his company? What does this acronym stand for?

If you are the CFO for a company, what does that acronym mean?

Accepting money that customers put in their savings accounts, counting cash to give to customers who have requested it, and processing a car loan request are classified as which type of activity?

When does "failure to disclose" offense can be triggered?

Fill in the blank:

The __________________ concept helps with the minimization of losses.

Accounting concepts and conventions help to ensure ____________ within the accounting system

Each business must choose a specific time period to complete its accounting cycle. This rule is known as the ___________ ________________ __________ (3 words)

The _____________________ or matching concept states that for every item of revenue recorded in accounting, there must be an equal expense entry must also be recorded.

For financial information to be useful, it must possess _____________ and faithful representation

Ethics in accounting is important to you as an accountant because you are dealing with _______________ information.