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1st Semester College > IAF > Flashcards

IAF Flashcards

1
Q

A jeepney driver has to spend money on gas and jeep repairs. That is called his?

A

Expenses

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1
Q

All the money collected by jeepney drivers are?

A

Revenue

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2
Q

The money a jeepney driver returns home with is his?

A

Profit or Net Income

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3
Q

the first 3 steps in the accounting process

A

Bookeeping

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4
Q

The ________ record which makes them different from accountants

A

Bookeepers

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5
Q

Earliest bookeeping records were found in?

A

Babylonia (Iraq) and Egypt

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6
Q

What became basis for the collection of taxes?

A

Registry

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7
Q

The first accounting book was written by _____ in ______

A

Cortugli, Naples

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8
Q

The double entry bookeeping system was introduced in ________ by _________ entitled, ___________

A

1494, Luca Pacioli, Summa de Arithmetica

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9
Q

Bookeeping in the Philippines was first introduced by the?

A

Spaniards

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10
Q

Bookkeepers in the Spanish era were called?

A

Tenedor de Libro

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11
Q

The old form of trade was?

A

Bartering

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12
Q

A business needs _________ before making decisions

A

Financial Information

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13
Q

shows a list of assets and liabilities

A

Statement of Financial Position

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14
Q

Statement of Financial Position is also called as?

A

Balance Sheet

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15
Q

performance report against costs and expenses

A

Income Statement

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16
Q

a cash report showing where the money came from and where the money was used.

A

Statement of Cash Flows

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17
Q

a progress report showing changes in your wealth.

A

Statement of Owner’s Net Worth

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18
Q

an economic unit that engages in buying and selling of goods or services

A

Business

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19
Q

Most often success is measured in terms of _____ and increase in _______.

A

profit, funds

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20
Q

This is a business set up and managed by one person. Most small businesses such as beauty parlors, dress shops, barbershops, and bakeries

A

Sole Proprietorship

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21
Q

the element of uncertainty

A

Risk

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22
Q

This is business owned by two or more persons called partners who contribute money, property and talent into common fund for the purpose of sharing profit among themselves.

A

Partnership

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23
Q

A business organized as a separate legal entity from the owners.

A

Corporation

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24
Q

Corporations are managed by a ___________ elected by the shareholders from among themselves.

A

Board of Directors

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25
Q

Must register with SEC

A

Partnership, Corporation

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26
Q

Investor has unlimited liability

A

Sole Proprietorship, Partnership

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27
Q

Profit may be easily withdrawn

A

Sole Proprietorship

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28
Q

Must register with the BIR

A

Sole Proprietorship, Partnership, Corporation

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29
Q

Usually managed by its investor/s

A

Sole Proprietorship, Partnership

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30
Q

Business may be easily terminated

A

Sole Proprietorship, Partnership

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31
Q

May sell his/her interest over the firm

A

Partnership, Corporation

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32
Q

Large amount of contributed capital

A

Corporation

33
Q

Has perpetual existence provided by the law

A

Corporation

34
Q

Business must pay for its own income tax

A

Corporation

35
Q

Three types of business activities

A

Operating, Investing, Financing

36
Q

Three types of business operations

A

Service Business, Merchandising Business, Manufacturing Business

37
Q

The only business operation with no inventory

A

Service Business

38
Q

Business activity concerning revenue and expenses

A

Operating

39
Q

Business activity concerning how you get funds

A

Financing

40
Q

Business activity concerning the acquisition of non-current assets

A

Investing

41
Q

Management process that determines the goal

A

Planning

42
Q

Management process that creates division

A

Organizing

43
Q

Management process that oversees operations

A

Directing

44
Q

Management process that guards and guide people

A

Controlling

45
Q

process of recording, classifying, and summarizing transactions

A

Accounting

46
Q

money from other assets that you don’t mainly sell

A

Gains

47
Q

Who would ask the following question:
Can we afford to ask for medical care?

A

Employees

48
Q

Who would ask the following question:
Is the company earning a satisfactory rate of return?

A

Investors

49
Q

Who would ask the following question:
Do we have funds to expand or should we borrow?

A

Investors

50
Q

Who would ask the following question:
Is the cash sufficient to pay dividends to stockholders?

A

Financial Manager, Investors

51
Q

Who would ask the following question:
Will the company be able pay for its short-term debts?

A

Creditor, Financial Manager

52
Q

Who would ask the following question:
Is the price of their product appropriate compared to prices of competitors?

A

Investors

53
Q

Who would ask the following question:
Are they overpricing products which are considered basic needs?

A

Government, Customers

54
Q

Current assets and current liabilities are part of what business activity?

A

Operating

55
Q

Non-current liabilities and owner’s equity are part of what business activity?

A

Financing

56
Q

Non-current assets are part of what business activity?

A

Investing

57
Q

PRC

A

Professional Regulation Comission

58
Q

BOA

A

Board of Accountancy

59
Q

PICPA

A

Philippine Institute of Certified Public Accountants

60
Q

SEC

A

Securities and Exchange Comission

61
Q

BSP

A

Bangko Sentral ng Pilipinas

62
Q

BIR

A

Bureau of Internal Revenue

63
Q

FRSC

A

Financial Reporting Standard Council

64
Q

a pervasive structure that sets boundaries of accounting practice and the backbone of accounting

A

Framework

65
Q

Standards are made by three organizations which are:

A

PICPA, FRSC, PIC

66
Q

If a conflict should arise between Financial Reporting Standard and a concept within the accounting framework, the standard _____________.

A

Shall prevail

67
Q

A standard is _______ while a concept is _______

A

specific, general

68
Q

a business enterprise is separate and distinct from its owner or investor.

A

Business Entity Principle

69
Q

business is expected to continue indefinitely.

A

Going Concern Principle

70
Q

financial statements are to be divided into specific time intervals.

A

Time Period Principle

71
Q

amounts are stated into a single monetary unit

A

Monetary Unit Principle

72
Q

financial statements must be presented with supporting evidence.

A

Objectivity Principle

73
Q

accounts should be recorded initially at cost.

A

Cost Principle

74
Q

revenue should be recognized when earned regardless of collection and expenses should be recognized when incurred regardless of payment.

A

Accrual Accounting Principle

75
Q

cost should be matched with the revenue generated.

A

Matching Principle

76
Q

all relevant and material information should be reported.

A

Disclosure Principle

77
Q

also known as prudence. In case of doubt, assets and income should not be overstated while liabilities and expenses should not be understated.

A

Conservatism Principle

78
Q

in case of assets that are immaterial to make a difference in the financial statements, the company should instead record it as an expense.

A

Materiality Principle

79
Q
A

1st Semester College (4 decks)

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