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WorksheetsREVIWER SA ACCOUNTINg
Total questions: 45
Worksheet time: 23mins
Is one whose participation extends to the
entire business
Particular Partner
Universal partner
ostensible partner
General Partner
Companies that purchase goods that are ready for sale and then
sell these to customers
Merchandizing
service
Manufacturing
Merchandising
prepared by the
accountant which explain the activities for a period of time
that caused the owner’s equity to change.
Income Statement
Statement of Cash flow
Statement of changes in owners equity
Statement of Financial position
show how healthy
or robust the enterprise when it shows a listing of accumulated
resources (cash and properties) After deducting the liabilities (debts or
obligations to pay). After deducting the liabilities from the assets, the
net assets show the new value or net worth of the firm which belong
to the owner.
Statement of financial performance
statement of financial Position
Statement of financial
Statement of cash flow
describes how business operated or produced wealth
over a given period of time.
Statement of cash flow
statement of changes in owners equity
statement of financial position
Income statement
explains why
the amount of cash changed over a period of time. The report makes a
listing of the cash inflow activities (cash receipts) and the cash outflow
(cash payments) of the business.
Statement of cashflow
statement of changes in owners equity
statement of financial position
statement of financial performance
Each partner is personally and individually
liable for all partnership liabilities.
limited life
voluntary association
unlimited liability
mutual agency
It has a juridical personality separate
and distinct from the partners. It can acquire, sell or
dispose properties, incur obligations and transact
business in its name.
taxable entity
taxable equity
legal equity
legal entity
Individuals by their own free
will agree to join together and form a partnership.
Voluntary Association
mutual agency
mutual entity
Legal entity
is an organization where two or more
persons bind themselves to contribute money,
property, or industry into a common fund with the
intention of dividing the profits among themselves.
(a)
assets are
jointly owned by the partners. Once assets are invested
and or acquired by the partnership, these cease to
become personal properties and instead become jointly
property of all partners. Partners have a claim on all
partnership assets based on their capital accounts and
share in partnership earnings.
Mutual agency
legal entity
limited life
co-ownership property
The income of an ordinary
partnership is taxable like a corporation at a rate 30%.
legal entity
limited life
taxable entity
legal court
Is one who is liable only to the extent of his
contribution in the partnership.
General partner
real partner
capitalist partner
limited partner
Is one who contributes money or
property.
industrial partner
General partner
Capitalist Partner
Particular partner
Is one whose participation is limited to a
unit or part of a business.
real partner
General partner
particular partner
secret partner
Is a partner in name only.
ostensible partner
nominal partner
particular partner
secret partner
withdrawals of capital are debited to
each partner's capital account to decrease partner's equity
withdrawal
partners drawing account
permanent withdrawal
partners withdrawal
is one who contributes money or
property.
(a)
contributions made are credited to each partner's
capital account to increase partner's equity.
(a)
Each partner is personally and individually
liable for all partnership liabilities.
(a)
are economic resources by the business.
They are used in operating the business and are
expected to benefit the business over a number of
years.
(a)
Companies that purchase goods that are ready for sale and then
sell these to customers.
(a)
Companies buy raw materials, convert them into products and
then sell the products to other companies
(a)
Companies that perform services for a fee. (e.g. law firms, accounting and
the like)
(a)
investments for long-term purposes such as investment
in stocks, bonds, and properties; and funds set up for long-term purposes
(a)
Income refers to an increase in economic benefit during the
accounting period in the form of an increase in asset or a decrease in
liability that results in increase in equity, other than contribution from
Owners.
(a)
Expenses are decreases in economic benefit during the
accounting period in the form of a decrease in asset or an increase in
liability that result in decrease in equity, other than distribution to
Owners.
(a)
assets held for sale in the ordinary course of business
(a)
This is a valuation account which represents the
decrease in value of a fixed asset due to continued use, wear & tear, passage of time,
and obsolescence. It is a contra-asset account and is presented as a deduction to the
related fixed asset.
(a)
long-term assets with no physical substance, such as goodwill, patent,
copyright, trademark, etc.
(a)
these are amounts owed by the business.
(a)
Are activities that result in changes in the size
and composition of the contributed equity and borrowings of the
enterprise.
financing Activities
investing activities
operating
operating activities
Are the acquisition and disposal of long-term
assets and other investments.
Investing activities
operating activities
financing activities
income statement
Are the principal activities of the enterprise.
They are the transactions and events that enter into the
determination of profit or loss.
investing activities
operating activities
financing activities
Also known as net assets or equity,
(a)
records the partner’s equity
investment at any point in time.
loan account
drawing account
capital account
investing account
Step 1 in Accounting Cycle
(a)
Step 6 in Accounting Cycle
(a)
Step 7 in Accounting Cycle
(a)
Step 10 in Accounting Cycle
(a)
It is a contra-asset
account
allowance for doubful accounts
depreciation
liquidation
Allowance for Doubtful account
Step 5 in accounting cycle
(a)
Step 2 in accounting cycle
(a)
Step 9 in accounting cycle
(a)
Exempted from tax is a
GPT
GFP
GPP
PGF
