Keeping a chronological diary of events that are measured in pesos is called _______.

It occurs through the preparation and distribution of financial and other accounting reports is called ________.

Accounting provides assistance to decision makers by providing them financial reports that will guide them in coming up with sound decisions is called ______.

Collects processes and communicates financial information of any entity is _______.

The method of performing any specific job step by step according to the objectives or targets is called ______.

Dealt with commercial transactions at the time of Mesopotamia such as listing of accounts receivable and accounts payable is during ________.

Mass production and the great importance of fixed assets were given attention during the period of _________.

The most important event in accounting history is generally considered to be the dissemination of double entry bookkeeping by Luca Pacioli happened during _________.

The thorough study of accounting and development of accounting theory began during the period of _______.

These are the users wherein accounting information is used for analyzing viability and profitability of their investments.

These users' need the information because they are concerned with the risk inherent in investing and the returns or invested decisions are the _______.

This user in which accounting is of great assistance to management for planning, controlling, and decision-making process is the ________.

These users who is interested in accounting information because it enables them to determine the credit worthiness of the business or decide whether to extend credit or not are the ________.

These users who wants to find out the financial health, amount of sales and profitability of business to determine their job security are the __________.

What do you call the economic events of an organization?

It is when a certain process follows certain standards and professional ethics.

Which of the following nature of accounting tells us that accounting is considered as a storehouse of information.

What civilization used clay tablets to record commercial transactions?

Who is the father of accounting?

What does GAAP mean?

If DPWH will liquidate their expenses in the farm road project in a certain barangay in General Santos City, what branch of accounting will process the liquidation?

What accounting is considered as the subset of management accounting?

Which of the following is an internal user?

One example of an external user is SSS. The SSS aims to develop and promote a viable social security institution providing universal and equitable social protection through world-class service. What does SSS mean?

What is the simplest form of business organization?

What document is used for the agreement of partners in a partnership?

Which of the following is an advantage of partnership?

What government agency releases the articles of incorporation?

What do you call the owners of the cooperatives?

Which is a service type of business?

Which is a manufacturing type of business?

The company declares their financial statements in Pesos even though they are situated in South Korea. What accounting principle is violated by the company?

A company overstates the rent expense by Php 5,500.00. What accounting principle is violated?

A company declares that the equipment that they purchased at one million pesos is written at 750,000 pesos, the fair market value of the equipment, in their financial statements. This is a clear violation of what accounting principle?

It represents what the company owns.

It is the claims of external parties from the entity.

It reflects the residual claims or the net assets of the owners of the entity.

Amounts received by a business earned as a result of selling or rendering a service.

Amounts consumed by the business to operate.

TRUE OR FALSE:

The customer paid in advance for rent so the accounting title that I'm going to use in my book of account is PREPAID RENT.

TRUE OR FALSE:

Utilities Expense are expenses incurred such as water, electricity and cable.

TRUE OR FALSE:

There are two types of ASSETS Current Assets and Non-current assets. Non-current assets are assets easily converted into cash within 12 months.

TRUE OR FALSE:

There are two types of LIABILITIES Current Liabilities and Non-current Liabilities. Non-current liabilities are obligations can easily paid in a short period of time or within 12 months.

TRUE OR FALSE:

The Capital account of the equity represents the net investments of the business.

The accounting equation is ______.

When the expenses are higher than the income the result is____.

When the income are higher than the expenses the result is____.

Accrued _____ is the opposite of prepaid assets.

Revenues that originate from main business operations

Revenues that do not originate from main business operations.

For 22-25. Identify whether the following accounting title below belongs to ASSETS, LIABILITIES, CAPITAL, REVENUE, EXPENSES.

Accrued Income

For 22-25. Identify whether the following accounting title below belongs to ASSETS, LIABILITIES, CAPITAL, REVENUE, EXPENSES.

PREPAYMENTS

For 22-25. Identify whether the following accounting title below belongs to ASSETS, LIABILITIES, CAPITAL, REVENUE, EXPENSES.

TAXES AND LICENSES

For 22-25. Identify whether the following accounting title below belongs to ASSETS, LIABILITIES, CAPITAL, REVENUE, EXPENSES.

INVENTORIES

1E) Who among the following is recognized as the "Father of Modern Accounting"?

2A) The acronym "CISA" stands for?

4A) It refers to the examination of financial statements by an independent party with the purpose of expressing an opinion as to fairness of presentation and compliance with GAAP.

5A) According to this institution, accounting is a discipline, well-equipped with techniques and methods through which all types of transactions measurable in terms of money or money’s worth, can be recorded, classified, and summarized in a proper and systematic way.

6E) It is the systematic recording of financial transactions and presentation of the related information of the appropriate persons.

8E) They are the persons who need information to help them decide whether they should invest in the business.

11E) The following are the main branches of accounting,

EXCEPT ______.

12E) Which of the following is NOT considered as an external user?

13D) Accounting is a systematic method consisting of definite techniques and its proper application requires applied skill and expertise.

14A) According to ________, accounting is an information system that identifies, records, and communicates the economic events of an organization to interested users.

16A) It is the process of writing down or keeping records of business transactions.

17A) It focuses on evaluating the adequacy of a company’s internal control structure by testing segregation of duties, policies and procedures, degrees of authorization, and other controls implemented by management.

19A) The acronym "FRSC" stands for?

20E) It is the phase of accounting involved in grouping similar items that have been recorded.

21A) Accounting is a service function/activity that collects, processes and communicates the financial information of any entity. This discipline of knowledge has been evolved to meet the need of financial information required by different interested groups.

23A) Investors is to investment decisions

while ________ is to compliance decisions.

24D) Why are CREDITORS interested in the accounting information

of a business entity?

25E) It shows the summary of the sources and uses of

cash in the business.

Which of the following can be considered as an intangible asset of the company?

When assets can be realized in 10 months this asset is classified as _________.

Mang Kanor owes P 15,000,000.00 to ABM Bank payable within 36 months. This is classified under _________.

This refers to the company's total revenue from selling the products or offering services to clients.

ABC company purchased 350,000 units of mobile phones and sold 70% of it for 6

months, determine the number of units available for sale?

Advertising expense falls under _________.

It shows the movement in the capital account of the owner.

In preparing the statement of changes in equity, which of the following

elements are not included?

In 2018, Maria’s Repair shop had a beginning capital of Php 300,000.00, additional investments amounted to Php100,000.00, drawing of Php50,000.00. Unfortunately, due to the high cost of operations, it had a net loss of 25,000. How much is Maria’s ending capital in 2018?

Which increases in owner’s equity without additional investment?

The beginning owner’s equity/capital amounted to P 300,000. Net loss for the year totaled PHP 45,000. No additional investments and withdrawals for the period. How much is the increase from the owners’ equity?

The amount of expenses accumulated from the purchase of inventories from the

supplier is best known as _________.

Assume that a company’s total Liabilities and Equity is Php 285,000. The total

noncurrent assets ended at Php 85,000. Cash reached Php50,000. Inventory amounted to Php100,000. Assuming the company had no other assets, how much are the Accounts Receivable?

Balances from JOLLITREE company for the year ended December 2020. Cash = P500,000.00, Supplies = P600,000.00, Accounts Receivable = P300,000.00, Macheries = P520,000.00, Building = 900,000.00, Accounts Payable = P600,000.00, Notes Payable (18 months) = P700,000.00, Loans Receivable (2 years) = P590,000.00, Land = P250,000.00, Capital = P 2,210,000.00.

Compute the total Current asset of the company.

Balances from JOLLITREE company for the year ended December 2020. Cash = P500,000.00, Supplies = P600,000.00, Accounts Receivable = P300,000.00, Macheries = P520,000.00, Building = 900,000.00, Accounts Payable = P600,000.00, Notes Payable (18 months) = P700,000.00, Loans Receivable (2 years) = P590,000.00, Land = P250,000.00, Capital = P 2,210,000.00.

The owners’ equity is_______.

This is an account used by companies that sell goods instead of services.

It is the Financial Statement that explains the net change in cash for the year.

Balances from JOLLITREE company for the year ended December 2020. Cash = P500,000.00, Supplies = P600,000.00, Accounts Receivable = P300,000.00, Macheries = P520,000.00, Building = 900,000.00, Accounts Payable = P600,000.00, Notes Payable (18 months) = P700,000.00, Loans Receivable (2 years) = P590,000.00, Land = P250,000.00, Capital = P 2,210,000.00.

The total liabilities of the company are ______.

Balances from JOLLITREE company for the year ended December 2020. Cash = P500,000.00, Supplies = P600,000.00, Accounts Receivable = P300,000.00, Machineries = P520,000.00, Building = 900,000.00, Accounts Payable = P600,000.00, Notes Payable (18 months) = P700,000.00, Loans Receivable (2 years) = P590,000.00, Land = P250,000.00, Capital = P 2,210,000.00.

Compute the company’s total asset ________.

When an external user of accounting information wants to determine the profit or

looses of a certain company for a specific period, the accounting information that must be presented is the ____________.

SM Holdings Corp. invested a ballooning amount of Money amounting to PHP 15

billion to the government for the construction of several infrastructures. This loan must be payable within 10 years. In the part of the government, this is classified under ___________.

Which of the following is the best description of the Statement of Financial Position?

It is the most liquid and always comes first in the list among assets.

The following are all parts of the asset section of the Statement of Financial Position except:

It is an account bearing the name of the owner and shows the amount of original and additional investments made by the owner.

It is a financial statement that reports the results of the operations of the business for one accounting period.

Long-term debt of a business with collateral in the form of real properties.

Which of the following is not a characteristic of a tax?

Which of the following is a characteristic of tax?

Which of the following taxes is a personal tax or a tax imposed on a person?

One of the following is not a characteristic or element of tax.

Taxpayers should be treated equally both in terms of rights conferred and obligations imposed.

Eminent domain ______________________.

Without taxes, the government would be paralyzed for lack of the motive power to activate and operate it.

In this type of tax, non-payment is constitutionally exempted from imprisonment.

Which of the following inherent powers of the state is inferior to constitutional right of non-impairment of obligation of contracts?

What is the primary purpose of taxation power?

What is the effect to cash if a debit balance in the general journal is posted as credit to the general ledger?

All the accounts below have debit normal balance except:

It means how quickly you can get your hands on your cash.

The adjusted trial balance is the last report prepared before the _________ is made.

What is the term applied to the excess of net revenue from sales over the cost of merchandise sold?

Which of the following accounts usually has a debit balance?

Balance sheet accounts

Owned resources of a business are referred to as

Debts owed by a business are referred to as