2. The accounting guideline that requires financial statement information to be supported by independent, unbiased evidence other than someone's belief or opinion is the _____ principle.

The statement of financial position of a company included an equipment purchased from Japan for 3. 350,000 yen. It was reported at that amount in the statement of financial position while all the other assets were reported in Philippine pesos. What principle is being violated?

4. It is the obligations of the company payable in money, goods or services.

5. These assets are identifiable, non-monetary assets without physical substance.

6. It is the most liquid asset and is the medium of exchange for business transactions.

7. It is the claim of the owner also known as the capital.

8. It is an expense for leased office space, equipment or assets rented from others.

9. Examples of this are cash, account receivable and prepaid expenses.

10. It is a written promise from the customer to pay his receivables on a certain future date.

11. This is known as entering data into journal.

12. It has spaces for dates, account titles and explanations, references, and two amount columns.

13. The _______ refers to the accounting book in which the accounts and their related amounts as recorded in the journal are posted periodically.

14. A kind of ledger that is a group of like accounts that contains the independent data of a specific general ledger.

15. _________ are resources owned by a business.

16. _________ are claims against the assets of the business.

17. _________ are increases in the equity or capital resulting from business activities entered into

18. 1. _________ are decreases in the equity or capital resulting from business activities. It may include assets or services consumed in the process of earning income.

19. The FIRST step of the accounting cycle is __________ .

20. 1. The THIRD step of the accounting cycle is __________ .