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Accounting > Accounring And Its Environment > Flashcards

Accounring And Its Environment Flashcards

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1
Q

Father of double entry accounting

A

Luca Pacioli

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2
Q

Type of Business

Selling people’s time;
E. G software development, legal

A

Services

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3
Q

(7)Type of Business

A 
Services
Trader/merchandising
Manufacture
Raw materials
Infrastructure
Financial
Insurance
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4
Q

Type of Business

Taking raw materials and using equipment and staff to convert them into finished goods

A

Manufacture

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5
Q

Trader/Merchandising

A

Buying and selling products

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6
Q

Type of business

Farming, Mining and Oil

A

Raw Materials

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7
Q

Type of business

Buying and operating assets; selling occupancy often in combination with services

A

Infrastructure

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8
Q

Type of business

Pooling premiums of many to meet claims of few

A

Insurance

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9
Q

Type of business

Accepting cash from depositors and paying them interest; using the money to provide loans to borrowers, charging them fees and a higher rate of interest than the depositors receive

A

Financial

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10
Q

Forms of Business organizations

A

Sole proprietorship
Partnership
Corporation

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11
Q

business owned and operated by two or more persons who bind themselves to contribute money, property, or industry to a common fund, with the intention of dividing the profits among themselves.

(Form of Business organization)

A

Partnership

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12
Q

a business owned by its stockholders. It is an artificial being created by operation of law, having the rights of succession and the powers, attributes and properties expressly authorized by law or incident to its existence.

(Form of Business organization)

A

Corporation

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13
Q

P3 Million pesos or less

Type of enterprise

A

Micro

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14
Q

Small enterprises

A

Above P3 Million

10-99 workers

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15
Q

Above P15-P100 Million
100-199 workers

(Type of enterprise)

A

Medium

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16
Q

3 activities of an organization?

A

Operating
Investing
Financing

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17
Q

involve the use of resources to design, produce, distribute, and market goods and services.

(activities)

A

Operating

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18
Q

involve the selection and management including disposal and replacement of long-term resources that will be used to develop, produce, and sell goods and services

A

Investing Activities

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19
Q

are the methods an organization uses to obtain financial resources from financial markets and how it manages these resources.

(activities)

A

Financing

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20
Q

4 Fundamental concepts

A

Entity concept
Periodicity concept
Stable monetary unit concept
Going concern

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21
Q

4 Fundamental concepts

A

Entity concept
Periodicity concept
Stable monetary unit concept
Going concern

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22
Q

7 basic principles

A 
Objectivity principle
Historical cost
Revenue recognition principle 
Expense recognition principle 
Adequate disclosure 
Materiality 
Consistency principle
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23
Q

is an organization or a section of an organization that stands apart from other organizations and individuals as a separate economic unit.

(Fundamental concepts)

A

Entity concept

24
Q

This concept allows the users to obtain timely information to serve as a basis on making decisions about future activities.

(Fundamental concept)

A

Periodicity concept

25
Q

allows accountants to add and subtract peso amounts as though each peso has the same purchasing power as any other peso at any time.

A

Stable monetary unit concept

26
Q

Going concerns

A

Financial statements are normally prepared on the assumption that the reporting entity is a going concern and will continue in operation for the foreseeable future.

27
Q

Basic principle

Accounting records and statements are based on the most reliable date available so that they will be as accurate and as useful as possible.

A

Objectivity principle

28
Q

Revenue is to be recognized in the accounting period when goods are delivered or services are rendered or performed.

A

Revenue recognition principle

29
Q

This principle states that acquired assets should be recorded at their actual cost and not at what management thinks they are worth as at reporting date.

A

Historical cost

30
Q

Expenses should be recognized in the accounting period in which goods and services are used up to produce revenue and not when the entity pays for those goods and services.

A

Expense Recognition principle

31
Q

Requires that all relevant information that would affect the user’s understanding and assessment of the accounting entity be disclosed in the financial statements.

A

Adequate disclosure principle

32
Q

Depends on the size and nature of the item judged in the particular circumstances of its omission.

(Basic principle)

A

Materiality

33
Q

The firms should use the same accounting method from period to period to achieve comparability over time within a single enterprise.

(Basic principle)

A

Consistency principle

34
Q

The body that regulates the practice of accountancy in the Philippines.

A

Board of Accountancy

35
Q

The ASC was succeeded by ____

A

Financial Reporting Standards Council (FRSC),

36
Q

The FRSC carries on the decision made by the ASC to converge Philippine accounting standards with the International Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Board.

True or false?

A

True

37
Q

Philippine Interpretations Committee

A

implementation guidance on the Philippine Financial Reporting Standards.

38
Q

7 Branches of accounting

A 
Auditing
Bookkeeping
Financial accounting
Financial management 
Management accounting
Tax accounting
Government accounting
39
Q

Auditing

A

refers to an independent examination of the financial statements conducted by a certified public accountant for the purpose of rendering an opinion as to the fairness of the presentation of the financial statements.

40
Q

refers only to one phase of accounting, the recording phase. Other phases of accounting include classifying, summarizing and communicating information and interpreting the results thereof.

A

Bookkeeping

41
Q

is the broadest branch of accounting, focusing on the needs of external users. It is concerned with the recognition, measurement and communication of economic resources, economic obligations and changes in economic resources and economic obligations.

A

Financial accounting

42
Q

Financial management

A

Financial managers are responsible for setting financial objectives, making plans based on those objectives, obtaining the finance needed to achieve the plans, and generally safeguarding all the financial resources of the entity.

43
Q

serves the information needs of the internal users. The managers and active owners use accounting information in making and implementing short-term and long-range plans for the enterprise. It incorporates cost accounting data and adapts them for specific decisions which management may be called upon to make.

A

Management Accounting

44
Q

concerned with the computation of taxes and preparation of tax returns submitted to a taxing authority

A

Tax accounting

45
Q

encompasses the process of analyzing, classifying, summarizing and communicating all transactions involving the receipt and disposition of government funds and property and interpreting the results thereof.

A

Government accounting

46
Q

Language of business

A

Accounting

47
Q

Process of identifying, measuring and communicating economic information to permit informed judgements and decisions by users of information.

A

Accounting

48
Q

Study if evolution ina accounting thought, practices and institutions in response to changes in the environment and societal needs. Also considers the effect that this evolution has worked on the environment

A

Accounting history

49
Q

Benjamin workman

A

Published the American accountant, earliest known American accounting textbook

50
Q

Providing examination, for granting of certificates, and the registration of certified public accountants;for the suspension or revocation of certificates ;for other purposes

A

Board of Accountancy

51
Q

Accounting standard setting body

A

Financial Reporting standard council

52
Q

An individual who holds a valid certificate issued by the board of Accountancy

A

Professional accountant

53
Q

Basic summary device

A

Account

54
Q

Book where are transactions are recorded in the currency in which they are conducted at the time they were conducted

A

Memorandum

55
Q

Merchant’s private book. Me currency in chronological order and in narrative form

A

Journal

56
Q

Alphabetical listing if all the business accounts along with the running balance of the particular account

A

Ledger

Accounting (3 decks)

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