reviewer Flashcards by Charlene Arazo

Q

Explains net change in cash

A

SCF

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Q

cash receipt is

A

money coming in

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Q

cash disbursement is

A

cash going out

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Q

what does scf use in “for the”

A

for the year ended

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Q

operating activities

A

profit and loss

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Q

investing activities

A

non current assets

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Q

financing activities

A

equity and non current liabilities

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Q

objective of making economic decisions

A

financial statement analysis

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Q

kinds of fs analysis

A

horizontal and vertical analysis

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Q

horizontal analysis is also called

A

trend analysis

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Q

how many periods is in horizontal analysis

A

2 or more

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Q

peso change formula

A

current year - prior year

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Q

percentage change formula

A

peso change / prior year = n

n (100) = percentage change

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Q

how many periods in vertical analysis

A

single period

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Q

what to use in vertical analysis if sfp

A

total assets

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Q

what to use in vertical analysis if sci

A

net sales

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Q

ratio analysis

A

measure overall state of business

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Q

[Higher or Lower]
Working Capital

A

Higher

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Q

[Higher or Lower]
Current Ratio

A

Higher

Q

[Higher or Lower]
Quick Asset Ratio

A

Higher

Q

[Higher or Lower]
A/R Turnover Ratio

A

Higher

Q

[Higher or Lower]
Average Collection Period

A

Lower

Q

[Higher or Lower]
Inventory Turnover Ratio

A

Higher

Q

[Higher or Lower]
Average days in Inventory

A

Lower

[Higher or Lower] Number of days in operating cycle

Lower

[Higher or Lower] Debt to Total Asset

Lower

[Higher or Lower] Debt to Equity Ratio

Lower

[Higher or Lower] Gross Profit Margin Ratio

Higher

[Higher or Lower] Return on Assets

Higher

what is savings account

easiest and simplest type

booklet used to record transactions in bank records

passbook

serves as debit cards

atm card

atm meaning

automated teller machine

what order is in the passbook

chronological order

writes check against account balance

checking account

cash deposited in foreign countries

bank account in foreign currency

rule of taxation shall be uniform and equitable

1987 Philippine Constitution

basic source of tax law

National Internal Revenue Law

mandatory fee paid to the government

tax

the act of collecting money by the government

taxation

who implements the tax law

BIR (bureau of internal revenue)

governing tax law in the philippines

national internal revenue code of 1997

3 types of income

compensation, business, passive

compensation income is from

salaries, bonuses, and allowances of employees

when to file income tax

on or before April 15

types on how to compute business income

itemized deduction & optional standard deduction (osd) scheme