Owners are internal uses of financial information.

Accounting is a process.

Recording is a part of accounting process.

Accounting is the process of informing, repeating, and destructing economic events.

He was known as the "Father of Accounting".

These users need accounting information as a factor to consider in staying employment or to look for other employment opportunities

These users need accounting information to evaluate and examine the feasibility of investing in a company.

This involves keeping a chronological diary of events that are measured in pesos.

These are individuals and organizations outside a company who want financial information about the company. These users are not directly involved in managing and operating the business.

The principle that requires every business to be accounted separately and distinctly from its owner or owners is known as the _______.

The rule that requires financial statements to reflect the assumption that the business will continue operating instead of being closed or sold, unless evidence shows that it cannot continue is the _______.

Marian Mosely is the owner of Mosely Accounting Services. The accounting principle that requires Marian to keep her personal financial information separated from the financial information of Mosely Accounting Services is _______.

The accounting principle that requires all goods and services purchased to be recorded at cost is the _______.

Matching principle is important because proper matching of_____ and _____ gives a more accurate report.

Which is the accounting equation?

What are the resources owned by the owners?

Which term refers to the obligations of the business?

Which refers to the remaining amount of the assets after paying all the company’s liabilities?

What does an extended accounting equation include?

When the owner invested cash on the business, what account/s increase/s?

Is there an effect on the assets account when the owner withdraws cash for personal use?

What would be the effect to the liabilities of the business after availing loan from Panata Bank?

Mr. Kim has assets of Php1,000,000.00 and liabilities of Php 300,000.00. What is his equity?

The liabilities of Senshin’s Shop are Php 450,000 and his equity is Php 780,000. What is the business' total assets?

This is not one of the five major accounts.

This is a tangible asset.

This is the account title where the Unearned Revenue falls.

The business transactions are analyzed using the rules of debit and credit

The documents used by the business may not be analyzed if it has financial impact or effect.

The journal is a chronological record of the entity’s transactions.

The journal is the book of final entry.

Journalizing is the recording phase of accounting.

The left side of the T-account is called the debit.

Assets are increased by credit.

Assets is equal to the sum of liabilities and owner’s equity.

Increases in liability accounts are credited.

Decreases in asset accounts are credited.

An increase in rent expense is a debit by the rules of debit and credit.

Income is increased by credit.

Expenses are increased by debit.

Decreases in liability accounts are debited.

Assets, and expense accounts have debit account balances.

It contains all the accounts (assets, liabilities, owner’s equity, revenues, and expenses) maintained by the business.

It pertains to the initial recording of transactions that occurred. This includes the date, the account debited or credited, and its short description written chronologically.

It refers to the procedure of transferring information from the journal to the ledger.

It is called the book of final entry.

This is what the line items of the ledger are called.

Which of the following is an example of an adjusting entry?

Ingle paid P12,960 for a four-year insurance policy on September 1 and recorded the P12,960 as a debit to prepaid insurance and a credit to Cash.

What of adjusting entry is illustrated above?

On January 10, Decoy received advance payment of services. The required services were performed in February and the actual billing, accounting for the amount of services rendered were sent to client in March. The revenue under accrual should be included in the report for:

Adjusting entry consists of one permanent account and temporary account.

Preparing adjusting entries at the end of the accounting period is supported by the matching principles as well as the accrual basis of accounting.

Recording the expired portion of a prepaid expense results in an increase to the expense account and a decrease in the related prepaid expense account.

Under the expense method of recording prepayment, the initial entry is a debit to a prepaid expense account.

If the total revenue of the company is Php34,200 while its expenses totaled Php15,700, how much is the net income or loss of the company?

If the total revenue of the company is Php34,200 while its expenses totaled Php15,700, what kind of financial statements to be prepared?

Boy Car Repair Shop started the business with total assets of P200,000 and total liabilities of P50,000 on January 1, 2019. During the year, the business recorded revenues of P190,400 and P95,600 expenses and Samson withdrew P21,500. What is the correct balance of the Boy, Capital account at the end of the year?

Statement 1: The proper sequence on preparing the financial statements are as follows: statement of the balance sheet, income statement, and statement of changes in equity

Statement 2: Financial statements are very important in making business decisions.

The statement of owner’s equity is often viewed as the connecting link between the income statement and the balance sheet.