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GOODLUCK > FABM ENDTERM > Flashcards

FABM ENDTERM Flashcards

1
Q

defined in accounting as any increase in capital other67y\
han the owners’ initial or further contributions.

A

Income

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2
Q

which provides for a
constructive receipt of income.

A

National Internal Revenue Code (NIRC)

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3
Q

is the process by which the government collects revenue in order to pay for its
expenses.

A

taxation

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4
Q

It is a process or means by which the sovereign, through its law-making body,
raises income to defray the necessary expenses of government.

A

taxation

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5
Q

are imposed in every country, mostly to fund government spending.

A

Taxes

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6
Q

is a body of rules under which a public authority has a claim on taxpayers, requiring them to transfer to the authority part of their income or property. T

A

tax law

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7
Q

the imposition of taxes on the income of individuals derived from
compensation, business trade, self-employed, or practice of a profession or from
property less deductions authorized by the law.

A

Income taxes

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8
Q

not dependent upon the will of the taxpayer.

A

Enforced contributions

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9
Q

Congress makes tax laws

A

Imposed by legislative body-

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10
Q

– The ability to pay principle is the basic rule in collecting taxes.
Those who earn more contribute to the government’s coffer more than those with lesser
earnings.

A

Proportionate in character

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11
Q

money is the preferred payment of taxes. If property is
taken to satisfy tax liability, it is sold through public auction to satisfy the tax obligation.

A

Payable in the form of money –

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12
Q

taxes are the primary source of government
revenue

A

. Imposed for the purpose of raising revenue –

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13
Q

money is taken from the public and returned to them in the form
of public benefits.

A

. Used for public purpose –

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14
Q

a Filipino citizen who lives or resides here in
the Philippines

A

Resident citizen

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15
Q

citizen to a foreign country and does not
reside in the Philippines

A

A non- resident
citizen

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16
Q

a citizen of another foreign country but
resides in the Philippines

A

Resident Alien

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17
Q

Non-VAT registered businesses are required to pay a 3% of
gross sales or receipts

A

Percentage taxes

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18
Q

It is a record of the bank’s client set up by the bank.

A

BANK ACCOUNT

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19
Q

– It refers to the money placed in a bank or other financial
institution for safekeeping.

A

Savings Account

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20
Q

– It is also referred to as a current account.

A

Checking Account

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21
Q

It is also known as a deposit certificate.

A

Time Deposit –

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22
Q

It is a bank document used by a bank client or depositor if
he/she wants to put money in the bank for safekeeping.

A

DEPOSIT SLIP –

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23
Q

It is a bank document that a bank customer uses to
withdraw or receive cash from his or her bank account

A

WITHDRAWAL SLIP

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24
Q

It is a payment instrument issued by a person to cover the cost of goods
and services.

A

CHECK –

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25
Q

This is a written order instructing a person’s bank to pay a specific
amount of money to be drawn against the person’s checking account in exchange
for the bank’s certification that the person’s signature on the check is genuine
and that the person has sufficient funds in his or her checking account to cover
the amount.

A

CHECK

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26
Q

A check wherein the issue date or date or the date of check is past six months or one hundred eighty days or more is considered as

A

stale check

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27
Q

a check dated at a future date is considered a

A

post-dated check

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28
Q

person or entity who makes the check

A

Drawer

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29
Q

the bank or other financial institution where the check can be
presented for payment.

A

Drawee,

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30
Q

It is a schedule prepared by the company to bring the depositor’s cash balance and the related bank’s cash balance into agreement.

A

Bank reconciliation

31
Q

It shows the items causing the
discrepancies between the balance per bank and balance per book

A

Bank reconciliation

32
Q

– It is a monthly report released by the bank to the account holder of
the checking account.

A

Bank Statement

33
Q

This method simply adjusts the
unadjusted balance per book.

A

Unadjusted Bank to Book Balance Method

34
Q

– This method simply adjusts the
unadjusted balance per book in order to arrive at the unadjusted balance per
bank.

A

Unadjusted Book to Bank Balance Method

35
Q

This method adjusts both balances to the corrected
cash balance that will be presented in the balance sheet

A

Adjusted Balance Method

36
Q

These are deposits already recorded in the company’s
books thereby increasing the cash balance but not yet recorded in the bank
record

A

Deposit in transit

37
Q

– These are checks issued by the company but not yet paid
by the bank

A

Outstanding checks

38
Q

These are items erroneously recorded by the ban

A

Bank errors

39
Q

– These are deposits made by the bank in the company’s account
but not yet reflected in the books or company’s records

A

Bank credits

40
Q

These are charges made by the bank against the company’s
account but not yet reflected in the company’s records.

A

Bank Debits

41
Q

Examples: Collection of
Customers, Proceeds from Loan, Interest Income

A

Bank Credits

42
Q

Examples: NSF Checks,
Service Charges such as for checkbook printing

A

Bank debits

43
Q

It is considered as the book of original entry where the accountant debits and credits
the correct account in the journal and enters the transaction for the first time in the
books of accounts using the double-entry procedure

A

journal

44
Q

These are original entry columnar books used to
record comparable transactions.

A

Special Journal –

45
Q

keeps track of all
transactions involving cash inflows. I

A

Cash Receipts Journal

46
Q

It is a special journal where all transactions
involving outflows or payment of cash are being recorded.

A

Cash Disbursement Journal –

47
Q
  • All sales transactions on account or with a promissory note
    are recorded in the
A

Sales Journal

48
Q

-It is a special journal that is intended to keep track of
any product that has been purchased on credit.

A

Purchase Journal

49
Q

Transactions that cannot be recorded in the special
journals are recorded in the

A

General Journal -

50
Q

It is considered as the books of final entry.

A

ledger

51
Q

sometimes known as a nominal ledger

A

General Ledger

52
Q

is a bookkeeping ledger where accounting data from journals and subledgers
such as accounts payable, accounts receivable, cash management, fixed
assets, purchasing, and projects is posted.

A

General Ledger

53
Q

stores the details for a general
ledger control account.

A

Subsidiary Ledger

54
Q

is a type of document that contains information related to a
transaction

A

A business form

55
Q

It provides details such as the date of the transaction, the items
bought or sold, and the name of the buyer and seller.

A

Business Forms

56
Q

These forms are being used for the internal transactions of the business.

A

Internal business forms

57
Q

. These
forms document the personnel’s accountability for the transactions that have
occurred.

A

Internal busines forms

58
Q

– It is an internal document filled out if there are any
items that any of the department
wants to purchase

A

Purchase requestion

59
Q

– It is a business form that is being used to document
the quantity and quality of the items received by the personnel from the
seller.

A

Receiving report

60
Q

This form documents the process for the preparation,
verification, and authorization of
check payments of the company’s
payables.

A

check voucher

61
Q

These forms are issued or given mainly to parties outside the business as proof
of a transaction done with the company.

A

External Business forms

62
Q

– It is a document to
communicate the buyer’s exact order to
the supplier.

A

Purchase order

63
Q

It is a form being prepared by the seller to document the
delivery of the items ordered.

A

Delivery receipt

64
Q

It is a document that
shows the exact amount of
payment that is being asked by the
seller to the buyer based on the
items delivered and the agreed
price.

A

Sales Invoice

65
Q

It is a
form prepared by the seller
and submitted to the buyer.

A

Statement of Account or
Billing Statement

66
Q

It is issued in payment of assets

A

Cash

67
Q

A monthly report released by the bank

A

Bank statement

68
Q

It is the schedule prepared to brings the depositor’s cash

A

Bank reconciliation

69
Q

It is a tax laid upon the privilege of engaging in business or pursuing an occupation, calling, or
profession.

A

Business tax

70
Q

It is the VAT on sales transactions.

A

Output Vat

71
Q

. It is the amount of money coming to a person or corporation within a specified time, whether as payment
for services, interest, or profits from investment

A

Income

72
Q

. It is a business tax imposed on persons or entities who sell or lease goods, properties or
services in the course of trade or business whose gross annual sales or receipts do not exceed P3,000,000
and are not VAT-registered.

A

Percentage Tax

73
Q

the recipient of the money

A

payee

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