ACCOUNTING

Question 1

art of recording, classifying, and summarizing in a significant manner and in terms of money, transactions and events which are, in part at least, of FINANCIAL CHARACTER and interpreting the results thereof

Answer 1

ACCOUNTING

Question 2

serves as the MEDIUM OF COMMUNICATION between a business firm and other parties interested in its financial activities

Answer 2

ACCOUNTING

Question 3

ACCOUNTING ELEMENTS

Answer 3

ASSETS
LIABILITES
OWNER’S EQUITY

Question 4

ASSETS =

Answer 4

LIABILITIES + OWNER’S EQUITY

Question 5

BASIC BOOKS FOR RECORD KEEPING

Answer 5

JOURNAL
LEDGER

Question 6

FINANCIAL STATEMENTS

Answer 6

INCOME STATEMENT
BALANCE SHEET
CASH FLOW STATEMENT
STATEMENT OF CHANGES IN OWNER’S EQUITY

Question 7

PUHUNAN

Answer 7

EQUITY

Question 8

UTANG

Answer 8

LIABILITIES

Question 9

LAHAT NG PAG MAMAY-ARI

Answer 9

ASSETS

Question 10

CURRENT ASSETS

Answer 10

lahat ng cash, receivable, expenses, inventory securities

Question 11

NON CURRENT ASSETS

Answer 11

building, land, equipment, supplies, etc.

Question 12

CURRENT LIABILITIES

Answer 12

lahat ng payables

Question 13

NON CURRENT LIABILITIES

Answer 13

mga hulugan, upa