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

“Assets = Liabilities + Owner’s Equity” is referred to in accounting as

An increase in Accounts Receivable is recorded by a ________ entry in the account.

The owner’s equity at the beginning of the period was ₱19,000; at the end of the period, assets were ₱98,000 and liabilities were ₱41,000. The owner made no additional investments or withdrawals during the period. The profit (loss) for the period is

The Accumulated Depreciation account is a contra asset account.

If total assets increased by ₱21,500 and owner’s equity increased by ₱8,000 during a period, the amount and direction (increased or decreased) of the period’s change in total liabilities was

A decrease in Owner’s Equity is recorded by a _______entry in the account.

If total liabilities increased by ₱20,000 during a period of time and owner’s equity increased by ₱5,000 during the same period, the amount and direction (increase or decrease) of the period’s change in total assets is:

The difference between the total debits and the total credits posted to an account yields a figure called the ending balance of that account.

A decrease in Notes Payable is recorded by a ________ entry in the account.

If assets are ₱375,000 and owner’s equity is ₱295,000, the amount of the liabilities is

An increase in Accounts Payable is recorded by a _______entry in the account.

The liabilities are ₱85,000 and owner’s equity is ₱45,000, the amount of the assets is

Amounts entered on the left side of an account, regardless of the account title, are called credits or charges to the account.

A decrease in Accounts Receivable is recorded by a _______ entry in the account.

A claim against a customer for sales made on credit is an account payable.

A stock corporation is a public corporation organized for profit?

A par value share has nominal value stated on the face of the share certificate?

When the share is sold at more than the par value, the difference is called "discount on share capital", which is then credit?

Deficiency in Accumulated Profits and Losses balance will decrease the shareholder's equity?

Share Dividends Payable are part of Liability?

Treasury share is an asset of the issuing corporation?

Treasury shares have the voting rights while they remained in the treasury?

A corporation is like an artificial person. It can transact business under its own name, hold or disposed property but it can never be sued to court?

Shareholders are not liable to corporate obligations in excess of their legal capital?

A person of minor age can be a shareholder but can never be an incorporator in a corporation?

Death of a shareholder will dissolve the corporation?

The other term for retained earnings is "Accumulated Profits(losses)?

Ordinary and Preference shareholders have the same rights and both enjoy the same privileges especially in distribution of dividends?

Under journal entry method, the amount of share capital issued is determined by deducting the balance of unissued share capital account from the balance of the authorized share capital?

A natural or artificial persons who have agreed to buy the original and unissued shares of a corporation are called

These refer to the rules and regulations adopted by the corporation in administering its internal government

Refers to the issued share capital and still in the hands of the shareholders-

Under Memorandum entry method, the issuance of share capital should be credited to-

Melon Corporation issued its 1,000 ordinary shares for legal services in forming the said corporation. The par value per share is P 100 and the fair market value is P 130. The cost of the services is P 140,000. How much would be debited to legal expense?

Daddy Corporation is authorized by its charter to issue 10% preference shares at P 100 par value, P 1,000,000 and 15,000 ordinary shares at P 100 par value. How much is the authorized share for ordinary share capital?

The Board of Directors of BSA Squad, Incorporated at their meeting on May 19, 20A declared a 12% cash dividend payable on Septmber 17, 20A to shareholders of record on July 31, 20A. The number of shares issued and outstanding were 5,000 shares with par value of P 100 per share. How much is the cash dividend should be declared?

Bebe Corporation holds 10,000 shares of its P 10 par value ordinary shares as treasury shares reacquired in 20A for P 120,000. On December 31, 20B, the company issued 5,000 shares for P 95,000. Under the cost method of accounting for treasury shares, the reissuance would result in a credit to-

Which of the following statement is true concerning share dividends?

Profit is closed to Accumulated Profits and Losses by this entry-

The type of business that buys and sells goods.

These are goods purchased that remains unsold at the end of the accounting period.

It is a reduction from the selling price in order to promote sale of the merchandise.

It is reduction from the price of the goods for prompt payment of the account.

In this inventory system, the business immediately adjusts the inventory account every time there is purchase and sale transaction.