CB LECTURE 101 Flashcards

1
Q

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

A

Accounting

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Accountable or Not Accountable

A

Identifying

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Journalizing & Posting

A

Recording

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Financial Reporting

A

Communicating

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Refers to the process of recording transactions of the entity.

A

Bookkeeping

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

One Individual
DTI

A

Sole Proprietorship

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

More than one (Partners) Contractual Agreement
SEC

A

Partnership

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

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

A

Corporation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

More than one (members) Cooperative Code
CDA

A

Cooperative

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

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

A

assets

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

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

A

liabilities

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What the owner owns

A

equity

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

revenue & gain

A

income

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

income arises from the ordinary activities of a business

A

revenue

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

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

A

gain

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q
  1. arises from the ordinary activities of a business
17
Q

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

18
Q

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

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)

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).

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).

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
the residual amount of assets after deducting liabilities (Mr. Pogi invested 3,000 for his milk tea business )
Owner’s Capital/Owner's Equity
26
this account is used to record the temporary withdrawals of the owner during the period.
Owner’s Drawing
27
revenues earned from rendering services
Service Fees
28
revenues earned from sale of goods Ex. Sale of milk tea
Sales
29
income earned that are not classified as revenues
Gains
30
represents the value of inventories that have been sold Ex. The cost of the milk tea that was sold for 1,000 is 800.
Cost of Goods Sold
31
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
Freight-out
32
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
Salaries Expense
33
represents the rentals that have been used up Ex. Mr. Pogi rent a space for his milk tea business, 2,000 per month.
Rent Expense