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Chapter 1: Basic Concepts > CB LECTURE 101 > Flashcards

CB LECTURE 101 Flashcards

1
Q

Is a process of identifying, recording, and communicating information that is useful in making economic decisions.

A

Accounting

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2
Q

Accountable or Not Accountable

A

Identifying

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3
Q

Journalizing & Posting

A

Recording

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4
Q

Financial Reporting

A

Communicating

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5
Q

Refers to the process of recording transactions of the entity.

A

Bookkeeping

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6
Q

One Individual
DTI

A

Sole Proprietorship

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7
Q

More than one (Partners) Contractual Agreement
SEC

A

Partnership

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8
Q

More than one (shareholders) Operation of Law
SEC

A

Corporation

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9
Q

More than one (members) Cooperative Code
CDA

A

Cooperative

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10
Q

1.Control - exclusive right to enjoy benefits
2.Resulted from past event
3.Can provide economic benefits

A

assets

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11
Q

1.Present Obligation
2.Resulted from past event
3.Requires you to give up economic resources when settling them

A

liabilities

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12
Q

What the owner owns

A

equity

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13
Q

revenue & gain

A

income

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14
Q

income arises from the ordinary activities of a business

A

revenue

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15
Q

income arises from activities other than from the ordinary activities of a business

A

gain

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16
Q
  1. arises from the ordinary activities of a business
A

expenses

17
Q

expenses arises from activities other than from the ordinary activities of a business

A

loss

18
Q

includes money or its equivalent that is readily available for unrestricted use (e.g. Cash on Hand and Cash in Bank)

A

Cash

19
Q

receivables supported by oral or informal promises to pay (a customer bought a milk tea worth 1,000 from Mr. Pogi and told that he will pay for it next week)

A

A/R

20
Q

receivables supported by written or formal promises to pay in the form of promissory notes (A customer bought a milk tea worth 1,000 from Mr. Pogi and he wrote a promissory note that he will pay for it within 30 day)

A

Notes receivable

21
Q

represents the goods that are held for sale by a business (Mr. Pogi purchased milk worth 3,000 to be used as ingredient for his milk tea business).

A

inventory

22
Q

consist of various assets such as machineries, vehicles, furniture & fixtures to be used in the business (Mr. Pogi purchased a sealing machine worth 5,000).

A

Equipment

23
Q

obligations supported by oral or informal promises to pay by the debtor (Mr. Pogi bought ingredients worth 3,000 from a supplier and told that he will pay for it next week)

A

Accounts Payable

24
Q

obligations supported by written of formal promises to pay the debtor in the form of promissory notes ( Mr. Pogi borrowed money from the bank and he qrote a promissory note that he will pay for it within 5 years)

A

Notes Payable

25
Q

the residual amount of assets after deducting liabilities (Mr. Pogi invested 3,000 for his milk tea business )

A

Owner’s Capital/Owner’s Equity

26
Q

this account is used to record the temporary withdrawals of the owner during the period.

A

Owner’s Drawing

27
Q

revenues earned from rendering services

A

Service Fees

28
Q

revenues earned from sale of goods
Ex. Sale of milk tea

A

Sales

29
Q

income earned that are not classified as revenues

A

Gains

30
Q

represents the value of inventories that have been sold
Ex. The cost of the milk tea that was sold for 1,000 is 800.

A

Cost of Goods Sold

31
Q

represents the sellers’ cost of delivering goods to customers.
Ex. The total cost of gasoline used in delivering milk tea to customer amounted to 1,000

A

Freight-out

32
Q

salaries earned by employees for the services they have rendered in the business
Ex. Mr Pogi hired a cashier and her salary for the month is 5,000

A

Salaries Expense

33
Q

represents the rentals that have been used up
Ex. Mr. Pogi rent a space for his milk tea business, 2,000 per month.

A

Rent Expense

Chapter 1: Basic Concepts (5 decks)

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