Business Implementation Flashcards
A helpful tool that shows how long it will take to complete different tasks and in what order the tasks should be finished.
Gantt Chart
1.the entrepreneur should have a clear idea on what is his purpose of putting up his enterprise.
Objectives
2.this means that the entrepreneur must know what the tasks are he has to perform in order that his objectives will be realized.
Task
this means that the entrepreneur should have a timetable or a schedule to follow every task, so that it will be accomplished on time and realize his objective.
Time allocation
4.this means that the entrepreneur should monitor the development of the tasks and the accomplishment of the objective.
Progress
What is SEC?
Securities and Exchange Commission
Where do you register a sole proprietorship business?
Department of Trade and Industry
Where do you get the tax identification number?
BIR
source documents, both physical and electronic, that specify transaction dates and amounts, legal agreements and private customer business details.
Records
the process of recording business transactions in a systematic and chronological manner. It is the starting point of the accounting process.
Bookkeeping
a person in-charge to record, maintain and update business records from all sorts of financial transactions.
Bookkeeper
used by the bookkeeper to record the business transactions which is to be consolidated later to help construct financial statement such as the Trial Balance, Income Statement, and Balance Sheet.
Book of Accounts
refers to the book of original entry
Journal
refers to the book of final entry.
Ledger
the most basic journal which provides columns for date, account titles and explanations, folio or references and a separate column for debit and credit entries.
general journal
a grouping of all accounts directly traceable to chart of accounts.
General Ledger
a group of accounts directly associated from the general ledger. This record is created to maintain individual accounts for customers and vendors whose cash is not being used as a medium of exchange when purchasing or selling merchandise.
Subsidiary Ledger
It is when cash or non-cash items are received
Debit
This means that the debit balance increased.
Value received
When cash or non-cash items are given
Credit
This means that the credit balance increased.
value parted with
a list of all ledger accounts with closed or final balances on a certain period arranged according to the rules of debit and credit.
trial balance
helps the bookkeeper capture all financial events happened over a period of time within the accounting cycle.
Adjusting entry
a method of allocating the cost of an asset to an expense over the accounting periods that make up the asset’s useful life. It is the decrease in the usefulness of these types of assets
Depreciation
one of the major financial reports also known as profit and loss statement of statement of comprehensive income. This statement summarizes the results of company’s operations for a specific period of time. It reveals the total revenue or income, total expenses incurred during the conduct of the business.
Income Statement
money spent during the conduct of business operations
Expenses
the outcome of business operations
Net income/ net loss
known as the statement of financial position. This summarizes the total balance of assets, liabilities, and owner’s equity. It is composed of permanent accounts
balance Sheet
Assets that can be realized one year after year-end date.
Current assets
Assets that cannot be realized one year after year-end date.
Noncurrent Assets
Assets that cannot be realized one year after year-end date.
Current Liabilities
Liabilities that do not fall due (paid, recognized as revenue) within one year after year-end date.
Noncurrent liabilities
also called short term assets and short-term liabilities
Current Assets and Current Liabilities
also called long term assets and long-term liabilities
Noncurrent assets and noncurrent liabilities
the process involving a service of sequential steps by which companies produce their financial statements for a specific period of time.
Accounting Cycle
