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Acct 101- Financial Accounting and Reporting > MODULE 1-2 > Flashcards

MODULE 1-2 Flashcards

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1
Q

It is the regular conduct of legal activities primarily intended to accumulate profit.

A

BUSINESS

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2
Q

It is the obligation of the business to the society

A

CORPORATE SOCIAL RESPONSIBILITY

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3
Q

Responsibilities of the business to the environment

A
  • Provide welfare for employees
  • Providing clean and safe workplace
  • Sustaining a healthy environment
  • Contribute taxes to the local and global government
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4
Q

What is accounting?

A

It is a service activity, the language of business and it is an art of recording, classifying, summarizing and interpreting financial reports.

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5
Q

It time that the origin of record-keeping was established

A

PRIMITIVE ACCOUNTING

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6
Q

Cones, spheres, disks and pellets are called?

A

CLAY TOKENS

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7
Q

It is the first bill of lading.

A

BULLAE

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8
Q

It is where the use of credit was establish and the rise of double-entry bookkeeping took place.

A

MIDDLE AGE

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9
Q

He is the inventor of double-entry bookkeeping

A

AMATINO MANUCCI

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10
Q

He is the Father of Accounting and the one who introduced the double-entry bookkeeping.

A

LUCA PACIOLI

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11
Q

He is the first person to group similar transactions in a separate record

A

NICOLAS PETRI

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12
Q

He wrote the book “The American Accountant”

A

BENJAMIN WORKMAN

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13
Q

Tremendous advance in information technology happened in this accounting period.

A

INFORMATION AGE

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14
Q

They wrote VisiCalc for Apple ll

A

DAN BRINKLIN & BOB FRANKSTON

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15
Q

ASEAN stands for?

A

ASSOCIATION OF SOUTHEAST ASIAN NATIONS

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16
Q

ASEAN was established on _____ with five founding members.

A

AUGUST 8, 1967

MALAYSIA, INDONESIA, PHILIPPINES, SINGAPORE, THAILAND

17
Q

What are the four pillars of AEAN Economic Community?

A
  • SINGLE MARKET AND PRODUCTION BASE
  • COMPETITIVE ECONOMIC REGION
  • EQUITTABLE ECONOMIC DEVELOPMENT
  • INTEGRATION INTO THE GLOBAL ECONOMY
18
Q

What are the basic [phases of accounting?

A

RECORDING, CLASSIFYING, SUMMARIZING & INTERPRETING

19
Q

What are the Fundamental Concepts?

A
  • ENTITY CONCEPT
  • PERIODICITY CONCEPT
  • STABLE MONETARY UNIT CONCEPT
  • GOING CONCERN
20
Q

It is the fundamental concept that states the business transactions and the owner’s are treated separately.

A

ENTITY CONCEPT

21
Q

Also known as time period assumption. Transactions are reported at a regular time intervals.

A

PERIODICITY CONCEPT

22
Q

Transactions or reports are expressed in Philippine peso.

A

STABLE MONITORY UNIT CONCEPT

23
Q

A reporting entity will continue in operation even beyond the next accounting period

A

GOING CONCERN

24
Q

The three criteria for general acceptance of an accounting principles are?

A

RELEVANCE- meaningful and useful
OBJECTIVITY- not influenced by the personal bias
FEASIBILITY- can be implemented without undue complexity of cost

25
Q

Basic Principles of Accounting

A
  • OBJECTIVITY PRINCIPLE
  • HISTORICAL COST
  • REVENUE RECOGNITION PRINCIPLE
  • EXPENSE RECOGNITION PRINCIPLE
  • ADEQUATE DISCLOSURE
  • MATERIALITY PRINCIPLE
  • CONSISTENCY
26
Q

Accounting records should be based on the most reliable data.

A

OBJECTIVITY PRINCIPLE

27
Q

Acquired assets should be recorded at their actual cost.

A

HISTORICAL COST

28
Q

Revenue must be recognized in the period it was realized or earned

A

REVENUE RECOGNITION PRINCIPLE

29
Q

Expense should be recognized at the time it was incurred or used

A

EXPENSE RECOGNITION PRINCIPLE

30
Q

All essential information that would affects user’s clear understanding must be disclosed in the financial statements

A

ADEQUATE DISCLOSURE

31
Q

Financial reporting is concerned with information that is significant to affect decisions of an entity

A

MATERIALITY PRINCIPLE

32
Q

A firm should use same accounting method

A

CONSISTENCY

33
Q

On March 17, 1928, accounting was formally recognized by the approval act of?

A

Act. no. 3105

34
Q

Became the first Filipino CPA in the US

A

Dr. Vicente Fabella

35
Q

Founder and first President of FEU

A

Dr. Nicanor Reyes

36
Q

First Filipina CPA

A

Belen Enrile-Gutierrez

Acct 101- Financial Accounting and Reporting (1 decks)

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