REDEPTION (ENTREP)

Question 1

It is a separate legal personality created by Law

Answer 1

Corporation

Question 2

It summarizes what is going to happen to the business if plans are carried out well.

Answer 2

Financial statements

Question 3

Which the corporation would have to pay back in terms or principal payments and in terms of interest expenses

Answer 3

Loans

Question 4

The one that will conduct an account called depreciation

Answer 4

Accountant

Question 5

They are the finished goods when sold

Answer 5

Cost of goods sold

Question 6

These are the selling, general and administrative expenses

Answer 6

Period costs

Question 7

These are the funds going from one container or one circle to another container or another circle comprise and fund flow except for the account called depreciation

Answer 7

Funds flow

Question 8

It is a situation where cash inflows greater than cash outflow

Answer 8

Netcash outflow

Question 9

It is the basis for the entire construction of the financial statement

Answer 9

Double entry accounting

Question 10

These are the stockholder’s equity, short term debt, long term debt, suppliers credit, and accused expenses

Answer 10

Liabilities

Question 11

These are the accounts for cash, accounts receivable, inventory, fixed assets, other assets.

Answer 11

Container of funds

Question 12

It is the source of funds

Answer 12

cash

Question 13

It is the uses of funds

Answer 13

None of the above

Question 14

These are abstractions of all business transactions going on in an enterprise

Answer 14

Financial Statement

Question 15

It is also called the profit and loss statement

Answer 15

Income Statements

Question 16

Whenever we talk about the ______________, Assets must always equal liabilities and owner’s equity.

Answer 16

balance sheet

Question 17

Premium Paid by the enterprise for an asset or share of stock whose book value is lower than the purchase or acquisition price

Answer 17

Good will

Question 18

are payments to holders of an invention or technology

Answer 18

Patents

Question 19

Forecasting _____________ requires an assessment of enterprise’s future requirements for land, building, machinery, equipment, furniture, fixtures and other long lasting assets

Answer 19

Fixed assets

Question 20

If the cash goes below the minimum balance, forecaster an cover the cash shortfall by obtaining more loans, by liquidating __________________ into cash

Answer 20

Marketable securities

Question 21

Marketable securities can be the repository of excess cash. It can be drawn down or reduced if the ___________________ falls below the minimum required

Answer 21

Cash balance

Question 22

______________ may also decide to collect all of the advances and not give any more of such advances to employees, in which case the advances to employees becomes zero for the next year

Answer 22

Enterprise

Question 23

The construction and forecasting of financial statements would help the ______________get a firmer grip on the viability of his or her enterprise

Answer 23

Entrepreneur

Question 24

To determine the _________________ the forecaster has to refer to the depreciation schedules calculated by the enterprise’s accountants for each fixed asset.

Answer 24

depreciation expenses

Question 25

The Father of Modern Accounting.
Bookkeeper

Answer 25

Luca Pacioli

Question 26

Employed to perform recording and processing of financial transactions of a business.

Answer 26

Bookeeper

Question 27

The bookkeeping system records a debit and credit per transaction.

Answer 27

Double-entry Bookkeeping

Question 28

Formula of assets

Answer 28

Assets = Liabilities + Equity

Question 29

Reviews the recorded financial transactions before finalizing the statements.

Answer 29

Accountant

Question 30

The foundation of double-entry bookkeeping.

Answer 30

Accounting Equation

Question 31

Also known as the Profit and loss Statement.

Answer 31

Income Statement

Question 32

Credited account when you purchase inventory to a supplier in account.

Answer 32

Accounts Payable

Question 33

Debited account when you receive money as payment from customers.

Answer 33

Cash

Question 34

The systematic method of recording and processing financial transactions.

Answer 34

Bookeeping

Question 35

Comprise feasibility studies, enterprise promotion activities, pre-operating expenses, and other set-up costs

Answer 35

Organizational Expenses