10 - 29 - 2024

Question 1

Lists of all the balances in the nominal ledger accounts.

Answer 1

Trial Balance

Question 2

Adjusted ______ of the general ledger account balances after any adjustments have been made.

Answer 2

Trial Balance lists

Question 3

_________ is usually made at the end of an accounting period to recognize an income or expense in the period that it is incurred.

Answer 3

Adjusting Journal Entry

Question 4

It refers to economic resources of the firm that are consumable in one year or less.

Answer 4

Current Asset

Question 5

It refers to a current asset which hold monetary bills such as paper money and coins

Answer 5

Cash

Question 6

It refers to all the collectible of the firm to its customer on account due

Answer 6

Account Receivable

Question 7

It refers to all materials that is used in the overall operation of the firm

Answer 7

Supplies

Question 8

It refers to current assets which are considered as Raw Materials that turns into finished good to be sold by the firm.

Answer 8

Merchandise Inventory

Question 9

It refers to the economic resources of the firm which can be lasted for more than one year.

Answer 9

Non Current Assets

Question 10

It refers to non current assets which are made of wood, plastic or glass which are installed at fixed position

Answer 10

Furniture & Fixture

Question 11

It refers to Company’s asset which are operated by fuel energy and electricity

Answer 11

Machine

Question 12

It refers to the financial obligation of the firm which are payable in one year or less.

Answer 12

Current Liability

Question 13

It refers to the current liability which are owed by the firm to its suppliers and employees due on account.

Answer 13

Account Payable

Question 14

It refers to the financial obligation of the firm which supported by legal

Answer 14

Notes Payable

Question 15

These are company’s financial obligation which can be paid in more than one year.

Answer 15

Non Current Liability

Question 16

It refers to the initial investment of the business firm and the results may be added or deducted to it.

Answer 16

Capital

Question 17

It refers to all income earnings of the firm from operating, financing and investing activities

Answer 17

Revenue

Question 18

It refers to the income of the business from rendering services to its customers

Answer 18

Service Income

Question 19

it is a formal record of the financial activities of a business where all the relevant financial data is presented in a structured manner in a form easy to understand.

Answer 19

Financial statement

Question 20

It is a financial statement that is used to measure profit and losses of the business operation.

Answer 20

Income Statement

Question 21

It is a step of Income statement which all the deduction are written in one report.

Answer 21

Single Step Form

Question 22

It is a step of income statement which separate different account using “Note” according to the type of transaction be held in the financial report.

Answer 22

Multiple Step Form

Question 23

It refers the financial statement that is used to measure firm’s financial condition.

Answer 23

Balance Sheet

Question 24

It is also known as the horizontal representation of financial position

Answer 24

Account Form

Question 25

It is also known as vertical representation of financial position (Balance sheet) where assets are located on the left and Liability and equity are on the right side.

Answer 25

Report Form

Question 26

It refers to an amount paid by the firm in purchasing raw materials that is directly part of the goods sold by the firm.

Answer 26

Costs

Question 27

These are expenses that involves in the promotion and distribution of the firm’s product to the customers.

Answer 27

Selling Expenses

Question 28

These are the expenses which are part of the production operation but not involve directly in the production of finished product

Answer 28

Production Expenses

Question 29

It is an amount paid from the services get by the firm as part of the operation of the business

Answer 29

Expenses

Question 30

it is the company’s total earnings after subtracting all expenses.

Answer 30

Net Profit

Question 31

It occurs when a company’s expenses are higher than total revenue.

Answer 31

Net Loss

Question 32

It is an expense that involves general operation activities

Answer 32

Administrative Expense

Question 33

it refers to loans or outstanding balances owed that are no longer deemed recoverable and must be written off.

Answer 33

Bad Debts

Question 34

it is a measure of the wearing out, consumption or other loss of value of an asset arising from the use, effluxion of the time or obsolescence through technology and market changes.

Answer 34

Depreciation

Question 35

refers to the expanded reduction in the value of an asset over time. Also known as contra assets

Answer 35

Accumulated depreciation