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Fabm 2 > Accounting > Flashcards

Accounting Flashcards

1
Q

refers to the major tax incurred by the company for conducting its business.

A

Income tax

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2
Q

are costs arising from transactions other than the ordinary business activities

A

Losses

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3
Q

is the amount incurred for borrowed funds

A

Interest cost

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4
Q

are costs to restore an asset to its previous condition.

A

Repair and maintenance

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5
Q

is cost of advertising attributable to the accounting period.

A

Advertising

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6
Q

is lease attributable to the accounting period.

A

Rental cost

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7
Q

is lapsed portion of insurance paid attributable to the accounting period

A

Insurance

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8
Q

is allocation of cost of tangible and long term assets to the accounting period.

A

Depreciation

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9
Q

are consumed part of supplies asset.

A

Supplies

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10
Q

are cost of using electricity, water and telephone charges.

A

Utilities

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11
Q

are compensation due to employees for service rendered.

A

Salaries and wages

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12
Q

are the expenses of the business incurs during its normal business operations.

A

Operating expense

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13
Q

are the expenses of the business incurs during its normal business operations.

A

Operating expense

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14
Q

is the additional cost in the delivery of the goods and products from the supplier.

A

Freight in

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15
Q

are the return merchandise due to valid reasons, as provided in the purchase agreement.

A

Purchase return

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16
Q

is the decrease of the purchase price of the merchandise by paying within a period of time.

A

Purchase discount

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17
Q

are the acquired goods and products from its suppliers for what it will sell to the customers

A

Purchases

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18
Q

are expensed part of the inventory sold to customers.

A

Cost of Goods Sold

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19
Q

It is any decrease in assets or a increase in liabilities, resulting in decrease in equity.

A

Expenses

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20
Q

are income arising from transactions other than ordinary activities.

A

Gains

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21
Q

is the delivery charge in delivering the products to the customers.

A

Freight out

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22
Q

is the return of the merchandise due to valid reasons.

A

Sales return

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23
Q

is a unit of recording that is used to sort and store transactions.

A

Account

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24
Q

present economic resource controlled by the entity as result of past events.

A

assets

25
Q

are assets that are expected to be realized within the normal cycle or one year, whichever is longer.

A

Current assets

26
Q

money on hand,

A

Cash

27
Q

are amounts due from customer arising from credit sales or services

A

Accounts receivable

28
Q

are amounts due from debtors supported by formal promissory notes.

A

Notes receivable

29
Q

are investments made that are intended to be sold or traded immediately.

A

Short-term investments

30
Q

are living plants or animals with certain exceptions.

A

Biological Assets

31
Q

are (1) held for sale in the ordinary course of business (2) process of production (3) materials and supplies.

A

Inventories

32
Q

are expenses paid in advance.

A

Prepaid Expense

33
Q

are assets that are expected to be realized beyond the business or one year, whichever is longer.

A

Noncurrent Assets

34
Q

are durable assets that have been acquired for use in operations and administration.

A

Property, Plant and Equipment

35
Q

is a contra-asset account that shows the depreciated value of an asset

A

Accumulated depreciation

36
Q

. is durable assets held either for rentals or capital appreciation

A

Investment Property

37
Q

are investments to other companies that are intended to be held more than one year.

A

Long-term Investment

38
Q

are identifiable, non monetary assets without physical substance and expected to provide future benefits

A

Intangible Assets

39
Q

It is a present obligation of the entity to transfer economic resource because of past events.

A

Liabilities

40
Q

are amounts due to suppliers for goods purchased on account.

A

Accounts Payable

41
Q

are amounts due to creditors as evidenced by promissory note.

A

Notes Payable

42
Q

are expenses that are incurred but not yet paid.

A

Accrued Expenses

43
Q

is cash collected in advance for services to be performed or goods to be delivered in the future.

A

Unearned Income

44
Q

are amounts due to creditors usually banks or other lending institutions, evidenced by a loan contract.

A

Loans Payable

45
Q

are amounts due to creditors secured by borrower’s asset (collateral)

A

Mortgage Payable

46
Q

It represents the owner’s claim in the business at a specific date.

A

Owners equity

47
Q

the value of cash and other assets invested in the business by the owner.

A

Capital represents

48
Q

is a temporary account representing cash or other assets withdrawn from the business.

A

Drawing

49
Q

It is any increase in assets or a decrease in liabilities, resulting in increase in equity.

A

Income

50
Q

is an income arising in the course of an entity’s ordinary activities.

A

Service Revenue

51
Q

is an income arising in the selling merchandises.

A

Sales Revenue

52
Q

Also known as the Statement of Owner’s Equity, shows the changes in the capital account due to contributions, withdrawals and net income or net loss.

A

Statement of changes in equity

53
Q

This is prepared for the sole proprietorship type of business and shows the movement in the capital.

A

Statement of changes in equity

54
Q

It reports the cash generated and used during the time interval specified in the heading.

A

Cash flow statement

55
Q

It organizes and reports cash generated and used in the following categories:

A

Cash flow statement

56
Q

– converts the items reported on the income statement from the accrual basis of accounting to cash.

A

Operating Expense

57
Q

– reports the purchase and sale of long term investments and fixed assets or the property, plant and equipment.

A

Investing Activities

58
Q

reports the borrowing, payments of borrowing, investment and withdrawal of the owner.

A

Financing Activities –

59
Q

Also known as the Balance Sheet, presents the financial position of an entity at a given date. It has three main components: assets, liabilities and equity.

A

Statement of financial position

Fabm 2 (1 decks)

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