Which of the following is an example of a liability?

Who are the internal users of accounting information?

What is the function of accounting?

What form of business is owned by one person?

What is the normal balance of an asset account?

(a)  

What is the first book of accounts where transactions are recorded?

(a)  

What is another term for income?

(a)  

Which financial statement shows the profit or loss?

Which of the following is a non-current asset?

(a)  

Which branch of accounting focuses on preparing financial statements?

In what journal do you record a credit sale?

(a)  

What is a contra asset account?

What does the acronym BIR stand for?

What document supports a cash payment?

What is the effect of revenue on equity?

What is the entry to record owner's capital investment in cash?

What is the proper order in the accounting cycle?

What is the primary purpose of the Statement of Financial Position?

What type of analysis compares financial data over time?

Which financial ratio shows a company's ability to pay short-term obligations?

(a)  

What is the main difference between a service and a merchandising business?

What is the impact of accrual accounting on expense recognition?

What document is used to reconcile the bank statement and cash account?

What type of analysis expresses each item in the financial statement as a percentage of a base amount?

What is the journal entry for depreciation expense?

What ratio indicates profitability from operations before interest and taxes?

What is the purpose of a post-closing trial balance?

What is the result if the accounting equation is not balanced?

Which account represents what the owner invested in the business?

(a)  

What is the term for business income minus expenses?

(a)  

Which account decreases when expenses are incurred?

(a)  

What does a ledger do in accounting?

Which type of business activity involves buying and selling goods?

(a)  

What type of account is 'Supplies'?

(a)  

What is the accounting term for money borrowed from others?

(a)  

What is the usual order of asset liquidity?

What are business forms used to support transactions called?

Which document is issued when goods are sold on credit?

(a)  

Which account is affected when a business purchases office equipment?

What does 'withdrawal' mean in accounting?

What is a financial statement that shows revenues and expenses?

What is the purpose of adjusting entries?

Which principle states that expenses should match revenues?

What is 'Accounts Receivable'?

Which account is used when rent is paid?

(a)  

What is the term for the left side of an account?

(a)  

Which principle requires using the same accounting methods over time?

Which account reflects what the business owes to suppliers?

Which form of business organization has limited liability?

(a)  

What is the source document for goods purchased on credit?

Which financial statement shows assets and liabilities?

What is the process of transferring journal entries to the ledger?

(a)  

What is a compound journal entry?

Which principle requires revenue to be recorded when earned?

How is the cost of goods sold calculated?

What is an example of a prepaid expense?

What is the type of ledger used for customer accounts?

Which document proves payment made?

What is the trial balance prepared after adjusting entries?

Which journal is used for cash sales?

What is the effect of a debit to the asset account?

What is the difference between gross and net pay?

How is depreciation recorded?

What is the main purpose of the ledger?

Which financial statement summarizes changes in equity?

What type of account is Sales Returns and Allowances?

(a)  

What is the classification of 'Unearned Revenue'?

(a)  

What does the term 'posting reference' in a ledger indicate?

What does it mean when an account has a normal balance?

What is a 'chart of accounts'?

Which BIR form is used for VAT returns?

What is the matching principle?

When are adjusting entries made?

What is the total amount deducted from gross pay called?

How is the petty cash fund replenished?

What is the formula for net income?

What is the current ratio if current assets are ₱300,000 and current liabilities are ₱150,000?

(a)  

If a business purchased merchandise worth ₱50,000 with a trade discount of 10%, what is the net purchase amount?

(a)  

Calculate the gross profit if sales are ₱120,000 and cost of goods sold is ₱80,000.

(a)  

An equipment costing ₱200,000 has a useful life of 5 years and no salvage value. What is the annual depreciation using the straight-line method?

(a)  

If net income is ₱60,000 and owner's equity is ₱300,000, what is the return on equity?

(a)