Financial Statements and the Accounting Equation (Accounting Fundamentals Book 1)

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It tends to be small service-type e. The owner receives all profits, absorbs all losses and is solely responsible for all debts of the business. From the accounting viewpoint, the sole proprietorship is distinct from its proprietor. A business owned and operated by two or more persons who bind themselves to contribute money, property or industry to a common fund, with the intention of dividing the profits among themselves.

Each partner is personally liable for any debt incurred by the partnership, except limited partner. A business owned by its stockholders. It is an artificial being created by operation of law, having the rights of succession and the powers, attributes and properties expressly authorized by law or incident to its existence. They are the transactions and events that enter into the determination of profit and loss.

Basic Accounting Made Easy 14th Edition. Ledesma, Ester L. Financial Accounting Theory Review Booklets. Rante, Gloria Aradaniel. Accounting for Service Entities. Mandaluyong City: Millenium Books, Inc. Accounting is a service activity.

Its function is to provide a. Quantitative information b. Qualitative information c. Quantitative and qualitative information d. None of the above 2. The basic purpose of accounting is a. To provide the information that the managers of an economic entity need to control its operations.

To provide information that the creditors of an economic entity can use in deciding whether to make additional loans to the entity. To measure the periodic income of the economic entity. To provide quantitative financial information about a business enterprise that is useful in making rational economic decision.

Which of the following best describes the attributes of a partnership a. Limited ability to raise capital; unlimited personal liability of owners. Limited ability to raise capital; limited personal liability of owners. Ability to raise large capital; unlimited personal liability of owners.

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Ability to raise large amounts of capital; limited personal liability of owners. Which of the following is true? Stockholders are personally liable for the liabilities of the corporation if the company us unable to pay. Normally, stockholders can only sell their ownership interests when the corporation terminates. Partners are personally liable for the liabilities of the partnership if the partnership is unable to pay. Partners can normally transfer their partnership interests with ease.

Which accounting process is the recognition or non-recognition of business activities as accountable events?

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Identifying b. Communicating c. Recording d. Measuring 6. The concept of the accounting entity is applicable a. Only to the legal aspects of business organizations b. Only to the economic aspects of business organizations c. Only to business organizations d. The entity concept means that a. Because a firm is separate and distinct from its owners, those owners cannot have access to its assets unless the firm ceases to trade. Accounts must be prepared for every firm. The financial affairs of a firm and its owner are always kept separate for the purpose of preparing accounts.


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None of the above 8. Accountants do not recognize that the value of the peso changes over the time. This concept is called the a.

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Stable money unit concept b. Going concern concept c. Cost principle d. Entity concept 9. The principle of objectivity includes the concept of a. Summarization b. Verifiability c. Classification d.

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Conservatism Which of the following is not a user of internal accounting information? Store Manager b. Chief executive officer c. Creditor d. Chief financial officer An event that affects the financial position of an organization and requires recording is called: a. Transaction b. Account c. Business documents d. Operating activities All of the following are external users of accounting information except: a.

Creditors, lenders and suppliers b.

Present and potential investors c. Government regulatory bodies d. Managers and employees It is the simplest of business organization a.


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Service Entity b. Merchandising Entity c. Partnership d. Sole Proprietorship The following are examples of service business except: a. SM Supermarket b.

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Amana Hotel and Resorts c. Cebu Pacific d. Manila Water Inc. The following are examples of manufacturing business, except: a. Toyota Motors, Inc. Sony Philippines c.