These are material items such as food, clothing, gadgets, and appliances that are being sold to satisfy human needs.

These are valuable actions, deeds or efforts performed to satisfy a need or fulfill demand and in return for payment or money.

It is a business owned by only one person. It is easy to set -up and is the least costly among all forms of ownership.

A business organization owned by a group of individuals and is operated for their mutual benefit. The persons making up the group are called members.

Is a type of business owned by two or more persons who contribute resources to the entity.

A business organization that has a separate legal personality from its owners. Ownership in a stock corporation is represented by shares of stock.

A type of business provides intangible products (products with no physical form). Professional skills, expertise, advice, and other similar products.

This type of business buys products with the intention of using them as materials in making a new product. It's a transformation of the products purchased.

This type of business buys products at wholesale price and sells the same at retail price. They are known as "buy and sell" businesses. They make a profit by selling the products at prices higher than their purchase costs.

Who is the father of Accounting?

12. When was the famous book “Summa de Arithmetica, Geometria, Proportioni et Proportionalita” published?

How many chapters in accounting do the famous book has?

This means that for every business transaction, amounts must be recorded in a minimum of two accounts, a corresponding and opposite entry to a different account.

The two equal and corresponding sides of bookkeeping is known as ___________________________.

What was the first form of evidence of record-keeping?

Which of the following is defined as the art of recording, classifying, summarizing of financial transactions of a business enterprise and interpreting the result thereof?

Which of the following means the recording of financial transactions of a business in a chronological and systematic manner?

This refers to an individual accounting record of increases and decreases in a specific asset, liability, or owner's equity.

This is an informal term for a set of financial records that use double-entry bookkeeping, the entries are laid out in a way that resembles a T-shape.

These refer to the debts and financial obligations that the company owes.

These are the properties, possessions, and economic resources of a business; tangible and intangible items that the company owns that have value

These are money the company spends on and consumed to produce the goods or services that it sells

It is the amount received from selling its goods or services

It is the money or cash equivalent of assets that the owner brings into business; plus retained earnings and dividends

It is also known as short-term liabilities, which are debts or obligations that need to be paid within a year.

These are debts or obligations that are due in over a year’s time. Long-term liabilities are an important part of a company’s long-term financing.

Is a basic phase of accounting that is also known as bookkeeping.

the phase of the accounting process is concerned with analyzing financial data and is a critical tool for decision-making.

the phase of accounting involves sorting and grouping similar items under the designated name, category, or account.

the phase of accounting involves getting the total data after each accounting period, such as a month, quarter, or year.

Classify the following Accounts: Notes Receivable

Unearned Revenue

Cash

Furniture and fixtures

Interest Payables

Notes Payables

Financial Capital

Human Capital

Account Receivable

Machinery

Equipment

Capital Lease

Mortgage Payable

Supplies

Social Capital

Merchandise

Land and Buildings

Bond Payable

Trucks and Vehicles