1. is the phase of accounting where transactions are analyzed whether accountable or non-accountable events. 2. is a form of organization whose owners are personally liable for the debts incurred by the business. is a form of business organization whose owners are not liable for debts of the business. 3.
1. is the phase of accounting where transactions are analyzed whether accountable or non-accountable events. 2. is a form of organization whose owners are personally liable for the debts incurred by the business. is a form of business organization whose owners are not liable for debts of the business. 3.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:1.
is the phase of accounting where
transactions are analyzed whether accountable or
non-accountable events.
2.
is a form of organization whose owners
are personally liable for the debts incurred by the
business.
3.
is a form of business organization
whose owners are not liable for debts of the business.
is an information system that
measures, processes and communicates financial
information about an economic entity.
4.
Company ABC obtained loan from Metrobank
company to finance plant expansion. This is an
example of
5.
type of business activities.
6.
Collected the accounts of the customer and
payment of account to supplier is an example of
type of business activities.
Constructed a building for the factory is an
example of
7.
type of business activities.
It is an independent examination that ensures the
fairness and reliability of the reports that management
submits to users, this branch is called,
8.
Mr. Reyes invested cash into his business to
engage in repair shop, is an example of
type of business activities.
9.
10. An organization in Asia that envisioned a stable,
prosperous and highly competitive economic region
is called
11. An ancient law that requires merchants to give
buyers a sealed memorandum containing the
agreed price( in the present times this is the BIR
Code) is called
Transcribed Image Text:12. The accountant of primitive age is called
13. Who invented the double-entry bookkeeping?
14. It is during this time where Corporations were
established and the factory system was used to
create products.
15. Group of businessmen whose assets is P3m or less
is called
16. Returned of defective items to the supplier is an
example of
17. Paid salaries and taxes of the business is an
type of business activities
example of
18.
omitting or misstating this information could
influence users of the financial statements.
type of business activities.
an accounting principles which states that
19. An accounting principles that states that similar
items should receive a similar accounting treatment
is called
20. What accounting concept that should be considered
when an owner of a business takes goods from
inventory for his personal use
21. This is a principle in accounting that support the
practice of recording an asset based on the amount
actually paid and not what the management thinks
is
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