WorksheetsFinal Quiz II Fundamentals of Accounting 1
Total questions: 30
Worksheet time: 16mins
Accounting is an art of?
Recording
Classifying
Summarizing
Interpreting
What do we record in recording?
Business Transaction
Journal Entry
Transaction
Where are we going to write the business transaction?
Manual
Looseleaf
Computerized
Where we input the business transactions?
Manual
Looseleaf
Computerized
The owner of the company pay subscriptions when using this software
Manual
Looseleaf
Computerized
What do VAT Taxpayers submit to the BIR?
General Journal and General Ledger
Sales Journal and Purchase Journal
Cash Receipt Journal and Cash Disbursement Journal
What do VAT Non-Taxpayers submit to the BIR?
General Journal and General Ledger
Sales Journal and Purchase Journal
Cash Receipt Journal and Cash Disbursement Journal
Record cash sales and/or collection of receivables
Sales Journal
Purchase Journal
Cash Receipt Journal
Cash Disbursement Journal
Record cash payments of expenses and/or payables
Sales Journal
Purchase Journal
Cash Receipt Journal
Cash Disbursement Journal
Record sales on credit (receivables from customer)
Sales Journal
Purchase Journal
Cash Receipt Journal
Cash Disbursement Journal
Record purchases on credit (payable to supplier)
Sales Journal
Purchase Journal
Cash Receipt Journal
Cash Disbursement Journal
What we do in classifying?
Chart of Accounts
Groupings
Grouping similar accounts
What are the main chart of accounts?
Asset
Liabilities
Owner's Capital
Revenue
Expense
Asset
Liabilities
Owner's Equity
Revenue
Expense
What is the normal balance of Asset?
Debit
Credit
What is the normal balance of Liabilities?
Debit
Credit
What is the normal balance of Owner's Equity?
Debit
Credit
What is the normal balance of Revenue?
Debit
Credit
What is the normal balance of Expense?
Debit
Credit
What are the real accounts?
Asset
Liabilities
Owner's Capital
Asset
Liabilities
Owner's Equity
Revenue
Expense
In Summary
Drawings
Revenue
Expense
Income Summary
Drawings
What are the nominal accounts?
Asset
Liabilities
Owner's Capital
Asset
Liabilities
Owner's Equity
Revenue
Expense
In Summary
Drawings
Revenue
Expense
Income Summary
Drawings
What we do in summarizing?
Financial Decision
Financial Making
Financial Ratios
Financial Statement
What are the financial statements?
Cash flow Statement
Notes to Financial Statement
Statement of Changes in Owner's Equity
Statement of Balance Sheet
Statement of Income Statement
Notes to Financial Statement
Statement of Cashflow
Statement of Financial Decision
Statement of Financial Performance
Statement of Financial Position
Notes to Financial Statement
Statement of Cashflow
Statement of Financial Performance
Statement of Financial Position
Statement of Retained Earnings
What financial statement we used for interim statement
Statement of Financial Performance
Statement of Changes in Owner's Equity
Statement of Financial Position
Statement of Cashflow
Accounting Period: 1 Month?
Monthly
Quarterly
Semi Annual
Annual or Fiscal
Accounting Period: 3 Months?
Monthly
Quarterly
Semi Annual
Annual or Fiscal
Accounting Period: 6 Months?
Monthly
Quarterly
Semi Annual
Annual or Fiscal
Accounting Period: 1 year (Jan 1 - Dec 30)
Annual
Fiscal
Accounting Period: 1 year (Oct 1 - Sep 30)
Annual
Fiscal
This is the part we based in financial ratios to make decision making
Recording
Classifying
Summarizing
Interpreting
Complete the word B (a) S
