Basic Accounting 1-50 Flashcards

1
Q

The language of business

A

Accounting

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2
Q

The government unit in charge of collecting charges

A

BIR

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3
Q

The government office in charge of the creation of partnership and corporation

A

SEC

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4
Q

The business that buys raw materials and converts them to finished products

A

manufacturing

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5
Q

The business that buys and sells products

A

Trading

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6
Q

The business that does repair of equipment

A

Service

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7
Q

The financial statement that shows the results of operation

A

Income statement

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8
Q

The financial statement that shows the financial position

A

Balance sheet

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9
Q

The financial statement that shows sources and uses of cash

A

Cash flow

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10
Q

An independent professional entity or person who expresses an opinion on financial statement

A

External auditor

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11
Q

A business owned by one person

A

sole proprietorship

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12
Q

An artificial being created by operations of law, formed by five or more natural persons

A

corporation

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13
Q

A union of two or more persons for the purpose of accomplishing specific objectives or goals

A

partnership

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14
Q

The financial statement user most interested in the adequacy of taxes collected

A

BIR

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15
Q

This entity faces the risk of bad debts and therefore has to analyze well the borrowers financial statements together with nonfinancial information

A

Creditor

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16
Q

The continuing rise in price of gasoline, prompts this group to be more vigilant of price increases

A

public

17
Q

Manufacturers as buyers of raw materials and supplies are concerned with the stability of their

A

Suppliers

18
Q

This group is interested to know the ability of the company to give a fair return on money they put into the business

A

Investors

19
Q

Things owned are called

A

Assets

20
Q

Things owed are called

A

Liabilities

21
Q

The interest of the investors in a business is called

A

Owners equity

22
Q

The service activity that provides quantitative information primarily financial in nature, about economic entities, that is intended to be useful in making economic decisions

A

Accounting

23
Q

A service business

A

Sky cable

24
Q

A manufacturing business

A

Nestle corp

25
Q

The financial statement prepared for a period of time

A

Income statement

26
Q

The financial statement prepared as of a certain date

A

Balance sheet

27
Q

The process of writing in the journals the effects, whether increase or decrease, of the analyzed transactions and events

A

Recording

28
Q

The process of determining the effects on the different accounts of the documented transactions and economic events.

A

Analyzing

29
Q

The process of explaining the relationships of the different items in the financial statement that

A

Summarizing

30
Q

The process of grouping like transactions and events

A

Classifying

31
Q

The process of preparing balance sheet, income statement and statement of cash flow

A

Reporting

32
Q

The difference between assets and liabilities is

A

Owner’s equity

33
Q

The excess of revenue over expenses is

A

Net income

34
Q

The excess of expenses over revenue is

A

Net loss

35
Q

The sum of liabilities and owner’s equity is

A

Asset

36
Q

A period of time at the end of which financial statements are prepared

A

Accounting period