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    Questioning Tool: Accounting Firm's Standards Are As High As They Should Be?

    Uploaded by

    Jeremy Ortega
    The document contains questions to assess a candidate's accounting knowledge. It includes questions on accounting principles, the accounting equation, differentiating between bookkeeping and accounting, and defining a bookkeeper. It also contains possible answers explaining accounting principles, the accounting equation, standards for CPA firms, the differences between bookkeeping and accounting, and the definition of a bookkeeper.

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    Questioning Tool: Accounting Firm's Standards Are As High As They Should Be?

    Uploaded by

    Jeremy Ortega
    610 views2 pages
    The document contains questions to assess a candidate's accounting knowledge. It includes questions on accounting principles, the accounting equation, differentiating between bookkeeping and accounting, and defining a bookkeeper. It also contains possible answers explaining accounting principles, the accounting equation, standards for CPA firms, the differences between bookkeeping and accounting, and the definition of a bookkeeper.

    Original Description:

    QUESTIONING TOOL

    Original Title

    QUESTIONING TOOL

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    The document contains questions to assess a candidate's accounting knowledge. It includes questions on accounting principles, the accounting equation, differentiating between bookkeeping and accounting, and defining a bookkeeper. It also contains possible answers explaining accounting principles, the accounting equation, standards for CPA firms, the differences between bookkeeping and accounting, and the definition of a bookkeeper.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    610 views2 pages

    Questioning Tool: Accounting Firm's Standards Are As High As They Should Be?

    Uploaded by

    Jeremy Ortega
    The document contains questions to assess a candidate's accounting knowledge. It includes questions on accounting principles, the accounting equation, differentiating between bookkeeping and accounting, and defining a bookkeeper. It also contains possible answers explaining accounting principles, the accounting equation, standards for CPA firms, the differences between bookkeeping and accounting, and the definition of a bookkeeper.

    Copyright:

    © All Rights Reserved
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    QUESTIONING TOOL

    Satisfactory
    Questions to probe the candidate’s underpinning knowledge response
    Extension/Reflection Questions Yes No
    1. Does the student understand the Accounting
    principles/Philippine Financial Reporting Standards
    2. Does the student can Perform the Accounting equation
    Safety Questions
    3. Quality is such an intangible. can you be certain your
    accounting firm's standards are as high as they should be?
    Contingency Questions
    4. Can you differentiate bookkeeping and accounting
    Job Role/Environment Questions
    5. Can you define what is a bookkeeper
    Rules and Regulations
    6. Can you understand the accounting equation and double
    entry rule
    The candidate’s underpinning / Satisfactory  Not
    knowledge was: Satisfactory
    POSSIBLE ANSWER:
    1. Accounting principles are uniform practices which entities follow to
    record, prepare and present financial statements.

    2.T he fundamental accounting equation, also called the balance sheet


    equation, represents the relationship between the assets, liabilities,
    and owner's equity of a person or business. 

    3. CPA firms are reviewed every three years by an outside accounting firm
    that is either randomly assigned by the state society of CPAs or selected by
    the firm itself. 

    4. In the simplest of terms, bookkeeping is responsible for the recording of


    financial transactions whereas accounting is responsible for interpreting,
    classifying, analyzing, reporting, and summarizing the financial
    data. Bookkeeping and accounting may appear to be the same profession
    to an untrained eye.

    5.Bookkeepers work with the financial transactions and records of business


    clients. These records typically include expenditure, receipts, accounts
    payable, accounts receivable, and profit and loss records.

    6. Assets = Liabilities + Capital/Owner’s Equity


    The accounting equation must always remain in balance – the two
    sides must always be equal. This rule is one of the basic rules in
    accounting. Since transactions normally begins the accounting process,
    each transaction must be recorded so that this equality is maintained.

    Double Entry Rule


    A second rule, which complements the equality rule, is the double
    entry rule. The double entry rule means that in recording a transaction
    at least two changes must be made iN the assets, liabilities, or capital.
    These changes are made as entries in the accounting records thus a double
    entry must always be made.

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