EMZ Introduction to Accounting

_________ is the art of _________, __________, ____________ in a significant manner and in terms of ____________, ____________ and _______ which are in part of at least financial character and ___________ the result of there of.

This involves keeping a chronological diary of events that are measured in pesos. The diary referred to in the definition are the journals and ledgers which will be discussed in future chapters.

• RECORDING

• SUMMARIZING

• CLASSFYING

• IDENTIFYING

Accounting that records, summarize, and communications to have a relevant, reliable, comparable to help users decide.

• RECORDING

• COMMUNICATING

• INTERPRETING

• CLASSIFYING

ALL TRANSACTIONS CAN BE RECORDED

• TRUE

• FALSE

Accounting is the process of RECORDING, CLASSIFYING and SUMMARIZING economic events of an organization for interested users.

• TRUE

• FALSE

Resources that are owned and control

Ex. cash, property and investments

• REVENUE

• EXPENSES

• ASSETS

• LIABILITIES

All of the following describe accounting, except

• A service activity

• An information system

• An exact science rather that an an art

• A universal language of business

Present obligation of the enterprise arising from past events which are to be settled in the future. It is required to be settled in the future

• Assests

• Liabilities

• Equity

• Expenses

Claim: or the Capital

• Liabilities

• Asset

• Equity

• Income

Increase in economic benefits

• Expenses

• Income