Bookkeeping does not involve one of the following steps. Which one is it?

All the following statements about users of accounting information are correct EXCEPT…

Which one of these types of business organisations are controlled by one individual ?

These types of business organisations are managed and controlled by a board of directors appointed by the shareholders.

If the business fails and the assets are not enough to cover the debt, the payables do not have a right against the owners’ personal properties.

Profit will be paid to the shareholders in the form of dividends. This refer to

This type of business have the obligation to keep books and prepare accounts.

Objectives of financial statements are…

Which statements are TRUE ?

It is the art of analyzing financial transactions and economic events, recording them, classifying them into accounts, summarizing them, reporting, and interpreting the results.

Inventory is recorded at the lower of cost or net realizable value rather than the expected selling price. This ensures profit on the sale of inventory is only realized when the actual sale takes place.

The same accounting procedure must be followed in the same way in each accounting period.

Financial statements contain all information necessary to understand a business's financial condition.

The revenue from business activities and the expenses associated with earning that revenue are recorded in the same accounting period.

An accounting standard can be ignored if the net impact of doing so has such a small impact on the financial statements that a reader of the financial statements would not be misled.

Business transactions are reported in numbers that have common values—that is, using a common unit of measurement.

Financial statements are prepared with the expectation that a business will remain in operation indefinitely.

GAAP stands for:

The Corona Limited Co. has three plants nationwide that cost a total of P200 million. The current fair value of the plants is P600 million. The plants will be recorded and reported as assets at:

Information is based on actual costs incurred in transactions.

Mr. Philip Pines is the owner of a beauty spa and wellness salon. He bought a residential house and lot which he included in the balance sheet of a beauty spa and wellness salon. This is a violation of accounting principle.

The manager of the business wrote on a piece of paper that utility expenses incurred by the business were paid the amount of P2,222. The bookkeeper asked for the invoice evidencing the payment before recording it in journal.

On June 25, Galing Repair Shop rendered service shop to a client for P600. The service fee was collected July 4. The bookkeeper recorded the revenue on June 25.

Bilis Computer Shop purchased P200 paper puncher. The useful life of paper puncher is 5 years. The bookkeeper expense the entire cost of P200 in the year it is purchased.

Bookkeeping is a detail-oriented career that requires knowledge and skills to do the job correctly.

Failure to keep information confidential could open the door to fraud, identity theft, and other illegal activities if the information is shared with the wrong parties.

A bookkeeper should always present the facts objectively and refrain from slanting information in a misleading way.

A written policy document issued by expert accounting body or body of government or regulatory body covering the aspects of recognition, treatment, measurement, presentation and disclosure of accounting.

These are broad, general statements or “rules” and “procedures” that serve as guides in the practice of accounting

Mrs Do has personal properties of amounting to P3 million pesos. One half of this was invested in the business called Do Laundry Shop and the other half in another business called Do Convenience Store. Two financial reports were prepared by the bookkeeper, one for each business.

The financial statement that reports the revenues and expenses for a period of time such as a year or a month is the __________________________

Under the accrual basis of accounting, revenues are reported in the accounting period when

Obligations (amounts owed) are reported on the balance sheet and are referred to as __________.

The listing of all of the accounts titles and numbers available for use in a company's accounting system is known as the __________.

Which term is associated with "left" or "left-side"?

When cash is received, the account Cash will be

These are the resources owned by a business that is results from past events and has future economic benefits called?

This assumption states that a business is an entity that is separate and distinct from its owners.

It assumes that the business will continue to operate in an indefinite period of time.

Who is the Father of Accounting

Paper clips were automatically charged to expense. Which accounting principle is applicable?

Terk Company has always expensed items under P100, even if they have a useful life of over one year. Which accounting principle is being followed?

Kala Corp has a division in Japan. Prior to preparing the financial statements for the company and all of its foreign divisions, the Japanese Ministry of Finance announced a possible devaluation of the yen for the incoming year. Since this has not happened Kala Corp. did not include this information in this year's financial statements. Which accounting principle is being violated?

Double entry in accounting means there must be________ entries for every transaction?

A general Leger/T) has a ______ and _______ side.

Assets increase on the ________ side?

owners equity decreases on the _________ side?

assets decreases on the _______ side?

________ are debts of the business?

Equipment are an example of an/a ______?

trading stock is an/a ________?

when the owner takes money out of the business's account it is called _________?

water and electricity is an/a __________?

rates and taxes are an/a ________?

_______ can also be in a form of assets?

current income is an _______ to the business?

This is the art of recording, classifying, summarizing in a significant manner and in terms of money, transactions and events, which are in part, at least, of financial character and interpreting the results thereof.

Cash

Account Payable

Account Receivable

Note Payable

Supplies

Ruiz, Capital

Trucks and Machineries

Mortgage Payable

Furniture and fixtures

Unearned Revenue

This refers to the end user of a particular product or service.

The word CPA Means?

If the expenses is greater than the sales generated this means that the business had a ____________?

Anna acquire 12 units of Computer set for his Online Business to Espon Company worth 150,000 last June 1, 2021. Based on this statement can you consider this as an accounting transaction?

This type of end user wanted to ensure stability of employment in the next five years.

This type if end user consider financial information as a relevant resources for improving the methodology of teaching future professionals in the field of accounting.

The first calculator in ancient time developed by the Summerian is also known as.

Expenses are normally purchased one time and Costs are normally consumed. True or False?

Assets - Equity = Liabilities. True or false?

JIT means

Below are example of fixed expenses, except,

Revenue - Expenses =

CBN Company has assets of ₱100,000 and capital of ₱25,000. How much are the liabilities?

Asset = 500,000; Capital = 425,000. How much is the Liabilities?

If Assets are $7,300 and Liabilities are $500, how much is Capital?