It is the systematic recording, reporting, and analyzing of financial transactions of a business.

The record of each transaction is carried to either the debit or credit column of a single account.

Refers to accounting for revenues, expenses, assets and liabilities.

The branch of accounting dealing with the recording, classification, allocation, and reporting of current and prospective costs.

The branch of accounting designed to provide information to various management levels in the business operation for purpose of enhancing controls.

The examination made on the financial reports to ensure its fairness, reliability, and compliance with the set of accounting procedures and standards.

It is done by those from outside of the organization and protects the interest of the users of the financial statements, which are outside of the organization.

It is done by employees of the company and is reported directly to the management as to the accuracy of business records.

The mechanical task involving the collection of data, and a is routine operation.

A relatively new branch of accounting that deals with setting financial objectives, making plans based on those objectives, obtaining or securing the finance needed to achieve the plan and generally safeguard all the financial resources of the business.

Involves the participation of tax returns in conformity with existing tax laws and regulations.

Concerned with the proper allocation, custody, utilization and disposition of government funds.

An organization designed to provide goods, services, or both to consumers.

A business owned by one person.

A business owned by two or more people.

Artificial being created by law and has a separate legal personality from its owners.

Often referred to as co-op.

Which of the following does not belong to the group

Those that perform or offer services for free.

Those that buy finished goods and eventually offer those goods for sale.

Those that use raw materials, machines, tools and labor to produce goods for use or sale.

The act of obtaining money through borrowing, earnings or investment from outside sources or the owner itself.

The act of obtaining money by building up operations or purchasing.

Results from sales of goods or services, sales of shares, and from income earned on investments.

Results from equipment and inventory purchases, interest and principal payments on loans, salaries, dividends, and various other costs and expenses.

Users who operate on the systems.

Processes involved in collecting, managing and storing the data.

Buys ownership in the business.

Which of the following is not true?

It is recorder on the left hand side of a T-account.

It is recorded on the right hand side of a T-account.

A resource controlled by the entity, as a result of past events and from which future economic benefits are expected to flow to the entity.

A present obligation of the entity arising from past events.

The residual interest in the assets of the entity after deducting all its liabilities.

Increases in economic benefits during the accounting period.

Decreases in economic benefits during the accounting period.

Money held in cash register (coins or bills).

Short-term investments that can readily be converted to cash.

Amounts due from the customers evidenced by a formal written promise to pay them at a specific time and with interest within the normal operating cycle of the business.

Accounts due from customers on credit terms as a result of service rendered or sale of goods and must be paid within a year or less.

Products or goods held by the business for sales, in process of production and intended for sale after completion, in form of raw materials or supplies which will be needed in production.

Expenses paid by the business in advance.

It is when an assets decreases in value due to wear and tear and deterioration.

An assets that is not physical in nature.

A set of exclusive rights granted by the state to an inventor.

A distinctive sign or indicator used by an individual, business organization, or other legal entity.

Refers to laws that regulates the use of the work of creator, such as artist or author.

An intangible asset which provides a competitive advantage, such as a strong brand, reputation, or high employee morale.

Debts or amounts due to creditors or obligations resulting from purchasing assets or receiving services on credit or on an open account.