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b. bank d. oil company 18. Which of the following is considered a merchandising company? a. SGV Auditing Firm c. SMA Catarman b. National Book Store d. Toyota Corporation 19. Which of the following is considered a service type of business? a. Shaskia's Cakes and Pastries Bakery c. Dresses by Pauline b. Karla's Meat Shop d. Patricia's School of Toddlers 20. Which is the main difference of a merchandising company over a service company? a. it does not employees c. it provides tangible products b. it has no inventory d. it has production facilities TEST II. INSTRUCTIONS: Fill in the blanks with the correct term/s. Erasures and alterations are not allowed American Accounting Association (21. to 28.) "Accounting is the of and information to permit informed and by of the information." American Institute of Certified Public Accountant (29. to 37.) "Accounting is the of and in a significant manner and in terms of and which are in part at least of a character, and the results thereof." Accounting Standards Council (38. to 40.) "Accounting is a . Its function is to provide information, primarily financial in nature, about that is intended to be useful in making economic decisions. TEST III. INSTRUCTIONS: Match the user of information in Column A with the significance of information in Column B. Write the letter that corresponds to your answer on the space provided before the given number. Column A Column B 41. Owners a. to plan, organise and run the business 42. Creditors b. to know the business helps the economy 43. Potential Investors c. to determine whether debts owed to them will 44. Employees be paid when due 45. Regulatory Bodies d. to determine the correctness of the tax returns 46. Management filed by the company 47. Suppliers e. to determine whether they should withdraw or 48. BIR increase investments 49. Public f. to decide whether to invest in the company 50. Customers g. to know whether an entity will continue to honor product warranties h. to ensure that the company's disclosure of accounting information is in accordance with the rules and regulations I. to find out the financial capacity of the company in order to bargain for benefits J. to assess the capability of the business to pay its obligation including the related interests on the maturity date