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1ST YEAR MIDTERM > BRIDGING > Flashcards

BRIDGING Flashcards

1
Q

The year when accountancy profession was formally recognized through the passing of the accountancy law.

A

1928

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2
Q

Accountancy is least known and unpopular because of the nature of services it accorded to its clients which is handled with much

A

“confidentiality”.

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3
Q

How many Registered Certified Public Accountant were there in 1923?

A

43

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4
Q

How many Registered Certified Public Accountant were there in April 2006

A

116,697

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5
Q

How many Registered Certified Public Accountant were there in 2023

A

200,000

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6
Q

CARRER OPPORTUNITIES: Under this field we are in public practice. In which case, we are to render services to the public for a fee.

A

PUBLIC ACCOUNTING

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7
Q

PUBLIC ACCOUNTING DUTIES: The examination of financial statements and report our findings to the management.

A

AUDITING

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8
Q

PUBLIC ACCOUNTING DUTIES: The preparation of Income Tax Return (ITR).

A

TAXATION

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9
Q

PUBLIC ACCOUNTING DUTIES: Design and installation of accounting system

A

MANAGEMENT SERVICES

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10
Q

When you choose to be a public accountant, you will be a member of…

A

Association of CPA’s in Public Practice (ACPAPP)

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11
Q

CARRER OPPORTUNITIES: Under this field, we are to render services to the government. We will be employed in the National Government Agencies(NGA).

A

GOVERNMENT ACCOUNTING

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12
Q

CARRER OPPORTUNITIES: Under this field, you will be employed in private firms and hold positions as Chief Accountant, Accounting Manager, Internal Auditor, Finance Manager or the highest accounting officer of an enterprise which is known as “Comptroller”.

A

PRIVATE ACCOUNTING

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13
Q

When you choose the field of PRIVATE ACCOUNTING you will become member of…

A

Association of CPA’s in Commerce and Industry(ACPACI).

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14
Q

CARRER OPPORTUNITIES: Under this field you will become the accounting professor of CPA reviewer, the heroes who will prepare the candidates to the difficult examinations for Certified Public Accountant.

A

ACCOUNTING PROFESSOR or CPA
REVIEWER

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15
Q

When you choose to be a ACCOUNTING PROFESSOR or CPA
REVIEWER, you will become member of the…

A

Association of CPA’s in Education (ACPAE).

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16
Q

All CPA’s are member of the national professional organization known as…

A

“Philippine Institute of Certified
Public Accountants “(PICPA).

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17
Q

WHAT: knowledgeable expert professional in the field of accounting.

A

ACCOUNTANT

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18
Q

WHAT: The accumulated accounting data that are stored in the books of accounts and transformed into a report.

A

FINANCIAL STATEMENTS

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19
Q

WHAT: The most sensitive aspect of accounting, these financial data provides the management with guide and basis for formulating and adopting financial plans and policies that will lead to efficient management, thereby goals and objectives for the business is attained.

A

ANALYZING AND INTERPRETING

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20
Q

MOTIVE OF PERSONS ENGAGED IN
BUSINESS: The primary motive of persons engaged in business.

A

PROFIT

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21
Q

MOTIVE OF PERSONS ENGAGED IN
BUSINESS: This is an instance wherein total sales or income earned and total costs and expenses incurred at the end of a given period is equal.

A

BREAK-EVEN(No profit, no loss)

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22
Q

BUSINESS RECORDS: The business should keep a “diary” of all transactions and events that it may have entered into. This is the records that are used and kept for this purpose.

A

Books of Account

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23
Q

BUSINESS RECORDS: The data that are stored in the book of accounts which are of financial character.

A

Accounting Data

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24
Q

BUSINESS RECORDS: Accounting data is processed and transformed into report.

A

Financial Statement

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25
Q

WHAT: Requires all corporations, companies, partnerships or persons which are required by the law to pay internal revenue taxes to keep books of account and records in accordance with the standard accounting system.

A

Internal Revenue Code of the Philippines(Section 232A)

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26
Q

________ provides, that the books of accounts and records shall consist of journal and a ledger, or their equivalents and shall contain all information necessary for the accurate determination of the internal revenue taxes due on the business.

A

Section 3 of the Revenue Regulation No.V-1

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27
Q

GENERALLY ACCEPTED ACCOUNTING PRINCIPLES THAT ARE FOLLOWED AND ARE STILL APPLICABLE FOR USE

A
  1. Cost Principle
  2. Objectivity Principle
  3. Materiality Principle
  4. Matching Principle
  5. Consistency
  6. Adequate Disclosure Principle
28
Q

GENERALLY ACCEPTED ACCOUNTING PRINCIPLES THAT ARE FOLLOWED AND ARE STILL APPLICABLE FOR USE: this principle requires that assets should be recorded at original or acquisition cost.

A

Cost Principle

29
Q

GENERALLY ACCEPTED ACCOUNTING PRINCIPLES THAT ARE FOLLOWED AND ARE STILL APPLICABLE FOR USE: this principle requires that accounting records should be based on reliable and verifiable data as evidence of transactions.

A

Objectivity Principle

30
Q

GENERALLY ACCEPTED ACCOUNTING PRINCIPLES THAT ARE FOLLOWED AND ARE STILL APPLICABLE FOR USE: this principle dictates practicability to rule over theory in determining the valuation of an items. To determine whether the items is material or not, it is a matter of professional judgement on the part of the accountant.

A

Materiality Principle

31
Q

GENERALLY ACCEPTED ACCOUNTING PRINCIPLES THAT ARE FOLLOWED AND ARE STILL APPLICABLE FOR USE: this is the combined concept of Revenue Recognition and Expense Recognition Principle. Revenue should be recognized when earned and corresponding expense should be recognized when incurred during the same period as revenue is earned.

A

Matching Principle

32
Q

GENERALLY ACCEPTED ACCOUNTING PRINCIPLES THAT ARE FOLLOWED AND ARE STILL APPLICABLE FOR USE: Principle-this principle requires that accounting methods and procedures should be applied on a uniform basis from period to period to achieve comparability in the financial statements.

A

Consistency

33
Q

GENERALLY ACCEPTED ACCOUNTING PRINCIPLES THAT ARE FOLLOWED AND ARE STILL APPLICABLE FOR USE: this principle requires that financial statements should be free from any material misstatement; that if there is any, proper disclosure should be made.

A

Adequate Disclosure Principle

34
Q

BASIC ACCOUNTING ASSUMPTIONS: An entity that is separate and distinct from the owner or management.

A

Accounting Entity

35
Q

BASIC ACCOUNTING ASSUMPTIONS: The business is assumed to have a continuous life of existence. Thus, it will continue to operate for an indefinite period of time, so that financial statements are prepared in a going-concern unless there is a specific evidence to the contrary where departure from and abandonment of this assumption warrant.

A

Going-Concern Assumption

36
Q

BASIC ACCOUNTING ASSUMPTIONS: (accounting period)-This assumption states that businesses should report their financial position, results of operations, and cash flows at regular intervals.

A

Time-Period Assumption

37
Q

QUALITIES OF FINANCIAL STATEMENTS: this means that financial statements should be prepared and presented in a way that it can be understood by the users.

A

Understandability

38
Q

QUALITIES OF FINANCIAL STATEMENTS: financial information should carry the degree of “confidence” when used by interested parties. It must be fairly presented and free from bias.

A

Reliability

39
Q

QUALITIES OF FINANCIAL STATEMENTS: this means that financial statements are prepared intended to help users make informed economic decisions.

A

Relevance

40
Q

QUALITIES OF FINANCIAL STATEMENTS: this means that financial statements prepared are worth comparing for with other companies of the same line of business by pointing out similarities and differences.

A

Comparability

41
Q

QUALITIES OF FINANCIAL STATEMENTS: once a method or practice is selected from alternatives, it should be followed from period to period.

A

Consistency

42
Q

USERS OF FINANCIAL STATEMENTS: they need information to help them determine whether they should buy, hold, or sell.

A

Investors

43
Q

USERS OF FINANCIAL STATEMENTS: interested in information about the stability and profitability of the enterprise.

A

Employees

44
Q

USERS OF FINANCIAL STATEMENTS: interested in information which enables them to determine whether their loans and interest thereon will be paid when due.

A

Lenders

45
Q

USERS OF FINANCIAL STATEMENTS: these users are interested in information which enables them to determine whether amounts owing to them will be paid on maturity.

A

Suppliers and other trade creditors

46
Q

USERS OF FINANCIAL STATEMENTS: interest in information about the continuance of an enterprise especially when they have long-term involvement with or are dependent on the enterprise.

A

Customers

47
Q

THREE(3) ANNUAL ACCOUNTING PERIODS: the accounting period will begin on January 1 and will end on December 31 of the same year.

A

Calendar Year

48
Q

THREE(3) ANNUAL ACCOUNTING PERIODS: the accounting period will begin on the first day of any month of the year except January and will end on the last day of the twelfth month completing the one year period.

A

Fiscal Year

49
Q

THREE(3) ANNUAL ACCOUNTING PERIODS: is a twelve month period that ends on any month when the business is at the lowest or experiencing slack season.

A

Natural Business Year

50
Q

BASIC ACCOUNTING ASSUMPTIONS: this assumes that in the Philippines we used the “peso” as a unit of measure. Peso as a unit of measure is assumed further to have a “stable value” which means that purchasing power of peso is “constant” regardless of inflation rates of fluctuation in money values.

A

Stable Monetary Unit (Unit of Measure)

51
Q

BASIC ACCOUNTING ASSUMPTIONS: this assumes that the recording of income and expense follow the accrual basis of accounting. Under accrual basis, income is recognized when earned regardless of when received and expense is recognized when incurred regardless of when paid.

A

Accrual Basis

52
Q

ELEMENTS OF FINANCIAL STATEMENTS: Revenue is considered as the income that the business derived from its primary business activities. The gains are regarded as the income available from other business activities that do not form part of the ordinary course of the business operation.

A

Revenue and Gains

53
Q

ELEMENTS OF FINANCIAL STATEMENTS: expenses are necessary costs of doing business, while losses are unplanned and often unexpected.

A

Expenses and Losses-

54
Q

5 BASIC FINANCIAL STATEMENTS: is a financial statement which shows the financial position of an enterprise as of particular date.

A

Balance Sheet

55
Q

5 BASIC FINANCIAL STATEMENTS: is a financial statement which shows the performance of the enterprise for a given period of time.

A

Income Statement

56
Q

5 BASIC FINANCIAL STATEMENTS: Purpose - measures and evaluates in terms of the enterprise’ liquidity, solvency, financial structure and capacity for adaptation.

A

Balance Sheet

57
Q

5 BASIC FINANCIAL STATEMENTS: Purpose -Helps you understand the financial health of your business, whether a company is making profit or loss for a given period.

A

Income Statement

58
Q

5 BASIC FINANCIAL STATEMENTS: a financial statement that summarizes the changes in equity for a given period of time.

A

Statement of Changes in Equity

59
Q

5 BASIC FINANCIAL STATEMENTS: Purpose - to furnish shareholders with information that can further inform their investment strategy, and strengthen investor trust in your company.

A

Statement of Changes in Equity

60
Q

5 BASIC FINANCIAL STATEMENTS: is a financial statement that provides information about cash inflows(receipts) and cash outflows(payments) of an entity for given period of time.

A

Statement of Cash Flows

61
Q

5 BASIC FINANCIAL STATEMENTS: Purpose - to show what caused the change in cash from the beginning of the period to the end of the period.

A

Statement of Cash Flows

62
Q

5 BASIC FINANCIAL STATEMENTS this is an integral part of the financial statements.

A

Accounting Policies and Notes to Financial Statements

63
Q

5 BASIC FINANCIAL STATEMENTS: Purpose - it provide information about the methods, assumptions, and judgments used to prepare the financial statements.

A

Accounting Policies and Notes to Financial Statements-

64
Q

WHAT: these users require information to regulate the activities of the enterprise, determine taxation policies and as a basis for national income and similar statistics.

A

Government and their agencies

65
Q

_______ enterprise affects members of the public in a variety of ways. For example, enterprises makes substantial contributions to the local economy in many ways including the number of people they employ and their patronage of local suppliers.

A

Public

1ST YEAR MIDTERM (5 decks)

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