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FAR Chapter 1 Problem 4

To summarize the document: 1) The document contains 10 multiple choice questions about accounting concepts such as the purpose of accounting, key figures in the history of accounting, types of financial statement users, types of business organizations, and the relationship between financial accounting and financial reporting standards. 2) The questions cover topics like the basic purpose of accounting, the person considered the "father of modern accounting", the type of financial statement user an accounting student analyzing stock investments would be, and the type of business activity undertaken by a car dealership. 3) Financial accounting must conform to the country's financial reporting standards in order to produce useful information for external users, as compared to other branches of accounting.

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138 views1 page

FAR Chapter 1 Problem 4

To summarize the document: 1) The document contains 10 multiple choice questions about accounting concepts such as the purpose of accounting, key figures in the history of accounting, types of financial statement users, types of business organizations, and the relationship between financial accounting and financial reporting standards. 2) The questions cover topics like the basic purpose of accounting, the person considered the "father of modern accounting", the type of financial statement user an accounting student analyzing stock investments would be, and the type of business activity undertaken by a car dealership. 3) Financial accounting must conform to the country's financial reporting standards in order to produce useful information for external users, as compared to other branches of accounting.

Uploaded by

jelou ubag
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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FAR Chapter 1 Problem 4

1. Which of the following statements is correct? Posting is the process of classifying the
effects of recorded events on the accounts.
2. It is the basic storage of information in accounting. Account
3. The terms record and recording are most synonymous with journalizing.
4. Imagine you are an accountant. Which of the following would most likely describe your basic
purpose? To provide objective information about a reporting entity that is intended to be
useful to interested users in making different types of economic decisions.
5. Which of the following statements is incorrect? fra Luca Pacioli is the mother of modern
accounting.
6. Which of the following statements is correct regarding financial accounting? Compared to
the other branches of accounting, financial accounting necessarily needs to conform to the
philippines' financial reporting standards (PFRSs) for it to be able to produce useful
information.
7. Without this branch of accounting, there will be no accountants. Accounting education.
8. You are planning on investing in the stock market. You have your eyes on ABC Corporation.
Being an accounting student, you know that haste makes waste. Accordingly, you
downloaded ABC corporation’s financial statements from the internet to help you analyze
whether the current market price of ABC Corporation’s shares of stocks is undervalued or
overvalued. In this regard, what type of financial statement user are you? External user.
9. ABC Co. is a car dealer. It buys cars from companies like Toyota, Mitsubishi, and Ford and
resells the cars to end consumers. What type of business is ABC Co. according to the type of
activity it undertakes? Merchandising
10. is the form of business organization that provides the highest degree of continuity.
Corporation.

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