Fundamentals of Accounting Part I

Preliminary Examination

Name:

I. Definition. Define the following (5pts each)
1. Business
2. Accounting
II. Identification.
3. This body is mandated to supervise the registration, licensure and practice of accountancy in the Philippines.
__________________
4. It was organized with the objective of achieving uniformity in the accounting principles which are used by
businesses and other organizations for financial reporting around the world.__________________
5. National Organization of all CPAs. __________________
6. This ethical principle states that a professional accountant should be straight forward and honest at all
times.________________
7. This ethical principle states that a professional accountant has the responsibility to be equipped with
professional knowledge, skills, and experience to allow competent professional services to a client.
________________
8. This ethical principle states that a professional accountant should respect the confidentiality of information
acquired in the process of performing professional services. ___________________
9. It came from the Italian word debito, meaning owned by the proprietor or an asset of the proprietor.
_____________
III. Enumeration.
Four (4) phases of accounting
10.
11.
12.
13.
Users of Financial Information
14.
15.
16.
17.
18.
Four (4) fields of the Practice of Accountancy
19.
20.
21.
22.
Seven (7) Accounting Areas
23.
24.
25.
26.
27.
28.
Four (4) associations of CPAs
29.
30.
31.
32.