Business Implementation

Question 1

A helpful tool that shows how long it will take to complete different tasks and in what order the tasks should be finished.

Answer 1

Gantt Chart

Question 2

1.the entrepreneur should have a clear idea on what is his purpose of putting up his enterprise.

Answer 2

Objectives

Question 3

2.this means that the entrepreneur must know what the tasks are he has to perform in order that his objectives will be realized.

Answer 3

Task

Question 4

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.

Answer 4

Time allocation

Question 5

4.this means that the entrepreneur should monitor the development of the tasks and the accomplishment of the objective.

Answer 5

Progress

Question 6

What is SEC?

Answer 6

Securities and Exchange Commission

Question 7

Where do you register a sole proprietorship business?

Answer 7

Department of Trade and Industry

Question 8

Where do you get the tax identification number?

Answer 8

BIR

Question 9

source documents, both physical and electronic, that specify transaction dates and amounts, legal agreements and private customer business details.

Answer 9

Records

Question 10

the process of recording business transactions in a systematic and chronological manner. It is the starting point of the accounting process.

Answer 10

Bookkeeping

Question 11

a person in-charge to record, maintain and update business records from all sorts of financial transactions.

Answer 11

Bookkeeper

Question 12

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.

Answer 12

Book of Accounts

Question 13

refers to the book of original entry

Answer 13

Journal

Question 14

refers to the book of final entry.

Answer 14

Ledger

Question 15

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.

Answer 15

general journal

Question 16

a grouping of all accounts directly traceable to chart of accounts.

Answer 16

General Ledger

Question 17

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.

Answer 17

Subsidiary Ledger

Question 18

It is when cash or non-cash items are received

Answer 18

Debit

Question 19

This means that the debit balance increased.

Answer 19

Value received

Question 20

When cash or non-cash items are given

Answer 20

Credit

Question 21

This means that the credit balance increased.

Answer 21

value parted with

Question 22

a list of all ledger accounts with closed or final balances on a certain period arranged according to the rules of debit and credit.

Answer 22

trial balance

Question 23

helps the bookkeeper capture all financial events happened over a period of time within the accounting cycle.

Answer 23

Adjusting entry

Question 24

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

Answer 24

Depreciation

Question 25

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.

Answer 25

Income Statement

Question 26

money spent during the conduct of business operations

Answer 26

Expenses

Question 27

the outcome of business operations

Answer 27

Net income/ net loss

Question 28

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

Answer 28

balance Sheet

Question 29

 Assets that can be realized one year after year-end date.

Answer 29

Current assets

Question 30

Assets that cannot be realized one year after year-end date.

Answer 30

Noncurrent Assets

Question 31

Assets that cannot be realized one year after year-end date.

Answer 31

Current Liabilities

Question 32

Liabilities that do not fall due (paid, recognized as revenue) within one year after year-end date.

Answer 32

Noncurrent liabilities

Question 33

also called short term assets and short-term liabilities

Answer 33

Current Assets and Current Liabilities

Question 34

also called long term assets and long-term liabilities

Answer 34

Noncurrent assets and noncurrent liabilities

Question 35

the process involving a service of sequential steps by which companies produce their financial statements for a specific period of time.

Answer 35

Accounting Cycle