A business transaction is recorded in the books of accounts if

It is the facet of business that is responsible for building good rapport with customers.

Which of the following phases in the accounting process comes first?

Accounting is a process of identifying, recording and communicating economic information that is useful in making economic decisions.

Only economic events are recorded in the books of accounts.

Accounting is described as a practical art. This is because it is a body of knowledge which has been systematically gathered, classified and organized.

Bookkeeping and accounting are the same.

Accounting is often referred to as the 'language of the soul' because it is fundamental to the communication of financial information.

Financial information in accounting reports is also quantitative information.

Qualitative information is information expressed in numbers.

It is a branch of accounting that focuses on the preparation of general purpose financial statements

Marketing is the facet of the business that is responsible in creating value for customers and building strong customer relationships.

These users need financial information about reporting entities for the purpose of regulating their activities.

This refers to the accumulation and preparation of financial reports primarily for internal users only.

These users are interested in information about profitability and stability of an entity in order for them to assess the entity's ability to provide remuneration, retirement benefits and employment opportunities.

The decision on whether to invest or extend credit to an entity is most likely an internal user's decision.

Around 3.600 B.C., record-keeping was already common in Mesopotamia. 'Clay tablet' is found to be the oldest evidence this practice.

_____________ is a process of establishing common objectives, coordinating efforts, and efficiently and effectively utilizing available resources.

You are an owner of a start-up business. Your duty of assigning responsibilities and accountabilities to your employees refers to your management function of ________.

You are a business manager. Your duty of leading your employees toward the achievement of a common goal, refers to your management function of _______.

Management accounting involves the accumulation and communication of information for use by?

You own a business which you directly manage, day in and day out. You are an internal user of the financial information of the corporation.

The management function of continuously monitoring results against goals and taking corrective actions necessary to ensure that the business plan remains on track is called?

It is a process of identifying, recording and communicating economic information that is useful in making economic decisions.

Which of the following phases in the accounting process comes first?

The accounting report of Marites Company includes an explanatory note explaining why certain expenses have increased during the period. This information is considered_____?

In this phase of accounting process, accounting information is disseminated to interested parties.

Leadership refers to the management function of?

Accounting is described in many ways. Which of the following is NOT one of those descriptions?

He is considered as the father of modern accounting.

Which of the following is an internal user of accounting information?.

Which of the following best describes the nature of accounting?

This refers to the accounting process of ascertaining whether a business transaction is to be recorded or not.

You are a business owner. It came to your attention that some of your products are overstocked, while some are frequently ou-of-stock. Warehousing costs have been increasing and you are losing potential sales. To come up with a right mix of products to store in your warehouse, what should you do?

It is the facet of business that is responsible for building good rapport with customers.

Human resource management refers to which of the following management functions?

The accounting report of Mr. X includes an explanatory notes about why certain expenses have increased during the period. The information is considered?

You put up a business. You formulated a vision/mission statement outlining the ultimate goal of your business and core values you want to cultivate within your business organization to help you achieve that goal. You then made a detailed list of short-term goals to help you measure your progress toward the achievement of the ultimate goal, and specific do's and don't's needed to implement the core values. In this regard, you are performing which of the following management functions?

Around 14th to 16th centuries, the father of modern accounting was the first to commonly use Arabic numerals, rather than Roman, for tracking business accounts. He wrote the book _____________, which contains detailed chapters about double-entry bookkeeping.

Receivables that are supported only by oral or informal promises to pay.

______ is the list of all accounts used by the business.

A business had a beginning equity of ₱62,000 and ending equity of ₱67,000. If the total expenses for the period are ₱73,000, how much is the total income?

The portion of the cost of a building or equipment that has been charged as expense in the current accounting period.

The cost of supplies used in an accounting period.

Revenues  earned from rendering services.

Interest earned by a lender whether collected or not.

Interest earned by a lender but not yet collected, will be debited to _________.

The cost of the lot on which the building of a business has been constructed, is recorded in an account described as _________.

It refers to money held and bank deposits that are available for unrestricted use by the business.

Receivables that are supported by written or formal promises to pay in the form of promissory notes.

The cost of gasoline, hotel accommodation, taxi fare, and similar expenditures.

The cost of promotional or marketing activities during the period.

The seller’s cost of delivering goods to customers.

Obligations supported by written or formal promises to pay by the debtor in the form of promissory notes?

Interest incurred by a borrower but not yet paid, should be credited to ________.

The cost of unused office supplies.

The portion of the cost of building that is already recognized as expense since the building was acquired and made available for use.

Salaries earned by employees but not yet paid, should be credited to _________.

Salaries earned by employees whether paid or not will give rise to ________.

Revenues earned from the sale of goods.

Malaya Enterprises sells an asset that is not an inventory for ₱100. The carrying amount of the asset is ₱80. The ₱20 difference represents a ___________.

Investments or contributions by the business owner and profits and losses of the business are accumulated in this account.

Income collected in advance but not yet earned.

Obligations supported by oral or informal promises to pay by the debtor.

The cost of inventories that have been sold during the period, is charged to what account?

The amount of estimated losses from uncollectible accounts receivable during the period.

Goods that are held for sale by a business

The structure owned and being used by a business in its operations.

A business had a beginning equity of ₱62,000 and ending equity of ₱67,000. If the total expenses for the period are ₱73,000, how much is the total income?

"Prepaid expense" is a/an________

Accrued expense is a/an_________

Accrued income is a/an_________

Owner’s withdrawal is a/an_________

Freight-out is a/an_________

Furnitures and fixtures is a/an_________

Patents is a/an_________

Unearned revenue is a/an_________

Cost of sales is a/an_________

Advances from customers is a/an_________

Advances to suppliers is a/an_________

What is the Basic Accounting Equation?

A liability cannot arise from?

Which of the following is NOT an essential element of an asset?

Which of the following is NOT an essential element of a liability?

Which of the following statements is correct regarding income and expenses?

A business owner's contribution to the business results in__________.

A business has total liabilities of ₱220,000 and equity of ₱90,000. How much are the total assets?

A business has total income of ₱53,000 and reported a profit of ₱38,000. How much are the total expenses?

It is a branch of accounting that focuses on the preparation of general purpose financial statements

A business had ending total assets of ₱70,000, ending total liabilities of ₱20,000 and beginning equity is ₱25,000. If the total expenses for the period amount to ₱29,000, how much is the total income?

An entity's total assets and total equity decreased, but total liabilities remained the same. Also,there were no transactions involving the entity and its owner during the period. Which of the following could be a valid reason?

Beginning equity is ₱14 while profit for the period is ₱6. Therefore, ending equity is _____

This component of a complete set of financial statements provides narrative disclosures and other information required by the standards but was not presented in the other financial statements?

The following are terms used synonymously with equity except

If you have total Assets of ₱1,880 and liabilities of ₱850, how much is your total equity?

The management function of continuously monitoring results against goals and taking corrective actions necessary to ensure that the business plan remains on track is called?

If you have total income of ₱4,150 and total expenses of ₱4,510, how much is your profit or loss?.

If you have total expenses of ₱2,250 and a profit of ₱590, how much is your total income?

Your beginning equity is ₱10,450. If your total income for the period is ₱3,830 while your expenses total is ₱2,050, how much is the ending balance of your equity?

Your beginning equity is ₱3,520, while your ending equity is ₱5,100, how much is your profit/loss for the period?

In January, ABM Company paid ₱9,000 for rent for the months of January, February, and March. For this transaction their journal entry is debit to an expense account and another debit for a/an______account.

Jacky Chan invested Cash and land to its business. Tell whether the assets, liabilities and equity will increase (I), decrease (D) or has no effect (NE).

Soeasy Services Inc. repaid a creditor. Tell whether the assets, liabilities and equity will increase (I), decrease (D) or has no effect (NE).

Assets: Decrease   ;   Liabilities:No effect   ;   Equity:Decrease.  Describe the given transaction

Assets: No effect  ;   Liabilities:No effect   ;   Equity:No effect.  Describe the given transaction.

A business has total assets of ₱320,000 and equity of ₱120,000. How much are the total liabilities?

An amount owed by a business.

A business had total income of ₱500,000 and total expenses of ₱300,000. How much is the profit or loss?

Which of these is a liability?

On a Statement of financial position, If total assets are ₱75,000, and total liabilities are 30,000, owner’s equity will equal?

Which of the following will cause owner’s equity to increase?

The start-up capital of a business consisted of ₱1,000,000 cash provided by the business owner and an additional ₱250,000 from a bank loan. The total start-up assets of the business therefore is?

The accounting equation should remain in balance because every transaction affects how many account/s?

Describe a transaction that would increase both an asset and capital?

A business incurs total expenses of ₱630,000 and reports loss of ₱270,000. How much is the total income?

On a Statement of financial position, If total assets are ₱105,000, and total equity amounted to 50,000, Liabilities will equal?

A business earns total income of ₱ 230,000 and incurs total expenses of ₱ 300,000. How much is the profit (loss)?

The company purchases land by paying half in cash and signing a note payable for the other half.

Paid rent for the month.

Personal reputation and credibility is most important in this type of business.

The assumption that a business entity will not be sold or liquidated in the near future is known as the_

Valuing assets at their liquidation values rather than at cost is inconsistent with the ______

If users can comprehend the meaning of the information, it is said to have this characteristic.

A truck cost 12,000 is expected to have a useful life of 5yrs. By assuming the truck is used during the year, the depreciation expense would be: