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Physical Education > FABM > Flashcards

FABM Flashcards

1
Q

Offer services

A

SERVICE BUSINESS

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2
Q

Third step in the accounting cycle
process of transferring data from journal

A

Posting

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3
Q

A list of general ledger

A

TRIAL BALANCE

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4
Q

Types of trial Balance

A

Unadjusted Trial Balance
Adjusted Trial Balance
Post-closing Trial Balance

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5
Q

Prepared before adjusting entries

A

Unadjusted Trial Balance

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6
Q

Prepared after adjusting entries

A

Adjusted Trial Balance

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7
Q

Prepared after the closing process

A

Post - Closing Trial Balance

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8
Q

Types of error

A

Transplacement Error or slide error
Transposition Error

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9
Q

incorrectly increased or decrease

A

Transplacement Error or Slide error

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10
Q

Amounts is interchanged

A

Transposition Error

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11
Q

Update a certain accounts

A

Adjusting entries

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12
Q

Under this concept, Cost that provide economi benefits

A

The concept of systematic and Rational allocation

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13
Q

Allocation of cost over the useful life

A

Depreciation

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14
Q

Under this concept, a cost produces no future economic benefits

A

The Concept of Immediate Recognition

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15
Q

Expense Recognition Principles

A

Matching
Systematic and Rational Allocation
Immediate Recognition

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16
Q

Cost that are directly associated

A

Matching

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17
Q

Cost that are not directly associated

A

Systematic and rational allocation

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18
Q

Cost that do not provide future economic benefits

A

Immediate Recognition

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19
Q

Accounts that also classified into following:

A

Real Accounts or Permanent Accounts
Nominal Accounts or Temporary Accounts

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20
Q

Account that are not closed at the end of the accounting period

A

Real Account or Permanent Account

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21
Q

Account that are closed at the end of accounting period

A

Nominal Account or Temporary Account

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22
Q

Types of Nominal Accounts

A

Clearing Account
Suspense Account

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23
Q

Transfere to another account

A

Clearing Accounts

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24
Q

Temporarily store discrepancies

A

Suspense Account

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25
Q

Have both real and nominal acc.

A

Mixed accounts

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26
Q

Nominal account component

A

Expired Portion

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27
Q

Real account component

A

Unexpired Portion

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28
Q

Advance collection

A

Income

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29
Q

Credited to liabili account

A

Liability Method

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30
Q

Credited to income account

A

Income method

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31
Q

Recognized at income at the period (used up)

A

Earned Portion

32
Q

Recognized as liability

A

Unearned Portion

33
Q

Profit of a business earn after deducting cost of good sold

A

Gross Profit

34
Q

Amount derived after deducting all

A

Profit ( net profit)

35
Q

contra accounts deducting to sale when computing for?

A

Net sale

36
Q

include both cash sale and credit sale

A

Sales

37
Q

Use to record goods returned by customers

A

Sales Returns

38
Q

Use to record transactions of similar nature

A

Special Journal

39
Q

Use to record cash discounts given to customers

A

Sales Discounts

40
Q

Use to record sale on journal

A

Sales Journal

41
Q

Use to record purchases of inventory accounts

A

Purchase Journal

42
Q

Use to record all transactions involving receipts of cash

A

Cash receipt Journal

43
Q

use to record all transactions involving payment of cash

A

Cash disbursements Journal

44
Q

All other transactions

A

General Journal

45
Q

Contains all the accounts

A

General Ledger

46
Q

Provides a breakdown of balances

A

Subsidiary Ledger

47
Q

Buy and sell a product w/out changing physical form

A

Merchandising Business

48
Q

Refers to goods

A

Inventory

49
Q

continuing forever or tuloy tuloy or walang hanggan

A

Perpetual Inventory System

50
Q

Updated each time a purchase or sale is made

A

Inventory Account

51
Q

Stock cards or stock ledger cards

A

Records

52
Q

occuring or recurring

A

Periodic Inventory System

53
Q

Adjunct account

A

Freight in

54
Q

Contra Account

A

Purchase Return or Purchase Discounts

55
Q

The account used to record purchases

A

Purchases

56
Q

Transportation or shipping cost

A

Freight In

57
Q

Record returns of purchased goods to the supplier

A

Purchase Returns

58
Q

Record cash discounts availed of on the purchased goods

A

Purchase discounts

59
Q

Initially debited to asset account

A

Asset Method

60
Q

Initially debited into Expense accounts

A

Expense method

61
Q

Recognized as expense

A

Incurred portion

62
Q

Recognized as asset

A

Not yet incurred Portion

63
Q

Items of income that collected in advance and items of expense that were paid in advance is called?

A

Deferrals

64
Q

Analytical Device

A

Worksheet

65
Q

Are the end product

A

Financial Statement

66
Q

2 Financial Statement

A

Statement of Financial Position(Balance sheet)
Statement of profit or loss(Income statement)

67
Q

Entries prepaid at the end or closing the book

A

Closing Entries

68
Q

Debits and credits in the closing entries are place here

A

Closing Entries

69
Q

Resulting amounts

A

Post Closing Trial Balance

70
Q

Usually made on the first day/ to reverse

A

Reversing Entries

71
Q

Procedure to compute horizontally

A

Cross footing

72
Q

Procedure to compute vertically

A

Footing

73
Q

Two lines underneath

A

Double Rule

74
Q

Closing the books

A

Closing entries

75
Q

With account

A

Open Account

76
Q

No account

A

Close accounts

77
Q

Steps in accounting cycle

A

Identifying and analyzing
Journalizing
Posting
Unadjusted Trial Balance
Adjusting entries
Adjusted Trial Balance
Financial Statement
Closing entries
Post-Closing Trial Balance
Reversing entries

Physical Education (2 decks)

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