Quiz Review: Overview of Accounting Flashcards
It is the process of recognition and non-recognition of business activities as “accountable events” or whether they have accounting relevance.
Identification
The accounting process of assigning peso amounts or numbers to relevant objects and events known as.
Measurement
Which of the following branches focuses on general-purpose reports on financial position and results of operations known as financial statements?
Financial Accounting
The process of analyzing, recording, classifying, summarizing and communicating all transactions involving State funds and property is known as.
Government Accounting
An independent appraisal function established within the organization to examine and evaluate its activities as service to the organization.
Internal Auditing
The process of identifying, measuring and communicating financial information used for planning, evaluation, and control within the organization.
Management Accounting
Handling accounts for fiduciaries who wind up the affairs of a deceased person.
Fiduciary Accounting
The process of measuring and disclosing the performance of a firm in terms of community involvement and related criteria.
Social Responsibility Accounting
The practice of accounting by one whose principal employment is confined to a single enterprise.
Private Accounting
Branch of accounting which deals with rendering services to the public for compensation.
Public Accounting
An emerging area of specialization that has to do with care for Mother Earth known as:
Environmental Accounting
Which of the following is a constraint in presenting financial information?
Cost
The cost constraint is also referred to as the:
Cost-benefit relationship
