C. Only Statement II is trued. Both Statements are false6. Statement I- Basically, there is no difference between the statements written in thePFRS and those written in the NIRCStatement II - The statements in the NIRC have the force of law.a. Both Statements are trueb. Only Statement I is truec. Only Statement II is trued. Both Statements are false7. StatementI- Financial statements that underwent the process of auditing are calledaudited financial statements.Statement II- The accountant's opinion will be the basis whether or not the financialstatements are prepared truthfully and without any material errors.a. Both Statements are trueb. Only Statement I is truec. Only Statement II is trued. Both Statements are false8. Statement I- Tax accounting records financial transactions in the same manner withfinancial accounting.Statement II - Tax accounting follows the pronouncements of the National InternalRevenue Code (NIRC).a. Both Statements are trueb. Only Statement I is truec. Only Statement II is trued. Both Statements are false9. Statement I- Indirect Costs are costs that can be economically traced to a cost object.Statement II - Direct costs are costs that cannot be traced to a cost object.a. Both Statements are trueb. Only Statement I is truec. Only Statement II is trued. Both Statements are false10. Statement I- Fixed costs are costs that do not change within the relevant range ofactivity.Statement II - Variable costs are costs that change as the level of activity orproduction increases.a. Both Statements are trueb. Only Statement I is truec. Only Statement II is trued. Both Statements are false11. Statement I - Accounting research is a branch of accounting.Statement II - Accounting research deals with the creation of new knowledge.a. Both Statements are trueb. Only Statement I is truec. Only Statement II is true|| I. True or false: For the following items, identify if the statements are true or false.Choose the letter that represents the correct combination of answers.1. Statement I - Double-entry bookkeeping involves a debit and a credit for everytransaction.Statement II - The recording of the economic events also involves the classifying ofsuch eventsa. Both Statements are trueb. Only Statement I is truec. Only Statement Il is trued. Both Statements are false2. Statement I - Small businesses, such as sari-sari stores, have little to no use ofaccountingStatement II- Accounting reports and/or financial statements need not be presentedin a standardized way.a. Both Statements are trueb. Only Statement I is truec. Only Statement Il is trued. Both Statements are false3. Statement I- Accounting involves financial information in the recording process.Statement II - There are three principal activities in the accounting process.a. Both Statements are trueb. Only Statement I is truec. Only Statement Il is trued. Both Statements are false4. Statement I- Financial accounting should follow all the guidelines in the PFRS andPAS even if doing so would result in financial statements that are misstated.Statement II - The GAA has the force of law and it states how much an agency canspend for the coming year.a. Both Statements are trueb. Only Statement I is truec. Only Statement II is trued. Both Statements are false5. Statement I- Management reports are usually produced annually.Statement II - Financial statements prepared by a company are often the only sourceof information an interested outside party has regarding the results of the company'soperations.a. Both Statements are trueb. Only Statement I is true

Name: C. Only Statement II is trued. Both Statements are false6. Statement
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: C. Only Statement II is trued. Both Statements are false6. Statement I- Basically, there is no difference between the statements written in thePFRS and those written in the NIRCStatement II - The statements in the NIRC have the force of law.a. Both

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