Ite m No. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Column A STaxs Son$ Spersonss Sexempts $from$ $value-addeds Stax$ Swhos Sares Ssellers$ Sof$ $goods$ & Sservices$. $Tax$ Son$ $franchise$ $grantees$ Sof$ $Gass, Electrics Sands $Waters $Utilities. $Taxs Sons Sfinances Scompanies$ $fors Sloans$ Swiths Slongs Sterm$ $maturity [Sover Sseven (7) Syears$] $Tax$ Son$ $receipts Sofs Slifes Sinsurances Spremiums Sins Sthes Philippines$ sbys Sdomestics Sinsurances Scompanies. $Tax$ Son$ Scollections Sofs Sagents$ Sofs Sunauthorizeds Sforeigns Sinsurances Scompanies$. SAmusements Staxess Slevieds Sons Scollections Sofs Scockpitss, Scabarets, Snights Sands Sdays Sclubs$. $Taxs Sons Sgross$ Sreceipts$ Scollecteds sfroms Sholdings Sprofessionals Sbasketballs Sgames. $Tax$ Simposeds Sons Ssales Sofs Sshares$ Sof$ Sstocks$ Sthroughs Sthes Slocals Sstocks Sexchanges (Sbys Snon-dealers Sins Smarketables Ssecurities$ Sonlys.) STaxs Son$ $gross$ Sreceipts Sofs $Jai-Alais Sands Sracetracks $. STaxs Son$ Swinningss Sofs Sbettors$ Sfors Sdoubles, Sforecasts, Strifectas, Squinellas Sbetss. Answer Column B A B с D E F H I J Rate 6/10 of 1% 0% 2% 3% 4% 5% 10% 15% 18% 30%
Reporting Cash Flows
Reporting of cash flows means a statement of cash flow which is a financial statement. A cash flow statement is prepared by gathering all the data regarding inflows and outflows of a company. The cash flow statement includes cash inflows and outflows from various activities such as operating, financing, and investment. Reporting this statement is important because it is the main financial statement of the company.
Balance Sheet
A balance sheet is an integral part of the set of financial statements of an organization that reports the assets, liabilities, equity (shareholding) capital, other short and long-term debts, along with other related items. A balance sheet is one of the most critical measures of the financial performance and position of the company, and as the name suggests, the statement must balance the assets against the liabilities and equity. The assets are what the company owns, and the liabilities represent what the company owes. Equity represents the amount invested in the business, either by the promoters of the company or by external shareholders. The total assets must match total liabilities plus equity.
Financial Statements
Financial statements are written records of an organization which provide a true and real picture of business activities. It shows the financial position and the operating performance of the company. It is prepared at the end of every financial cycle. It includes three main components that are balance sheet, income statement and cash flow statement.
Owner's Capital
Before we begin to understand what Owner’s capital is and what Equity financing is to an organization, it is important to understand some basic accounting terminologies. A double-entry bookkeeping system Normal account balances are those which are expected to have either a debit balance or a credit balance, depending on the nature of the account. An asset account will have a debit balance as normal balance because an asset is a debit account. Similarly, a liability account will have the normal balance as a credit balance because it is amount owed, representing a credit account. Equity is also said to have a credit balance as its normal balance. However, sometimes the normal balances may be reversed, often due to incorrect journal or posting entries or other accounting/ clerical errors.
[part ii] matching type
![Ite
Column A
Answer
Column B
No.
Rate
$Tax$ Sons $persons$ Sexempts $from$ $value-added$ $tax$ $whos Sares
$sellerss Sofs $goodss & Sservicess.
1.
A
6/10 of
1%
2.
$Taxs Sons $franchises Sgranteess Sofs SGass, SElectric$ Sands $Waters
B
0%
SUtilities$.
$Tax$ Sons $finances Scompanies$ $for$ Sloans$ $with$ $longs Sterm $maturitys
[Sover $seven (7) Syears ]
STax$ Sons Sreceipts Sofs Slifes Sinsurances Spremiums Sins Sthes SPhilippiness
$by$ $domestics Sinsurances ScompaniesS.
$Tax$ Sons Scollections$ Sofs Sagents$ Sofs Sunauthorized$ $foreigns SinsuranceS
Scompaniess.
3.
2%
4.
D
3%
5.
E
4%
SAmusements $taxes$ $levieds $on$ Scollections$ $ofs Scockpits$, Scabaretss,
$nights Sands Sdays Sclubss.
$Tax$ Sons Sgross$ Sreceipts$ Scollecteds Sfrom$ Sholdings Sprofessionals
$basketballs Sgamess.
6.
F
5%
7.
G
10%
$Taxs Simposeds Sons Ssales Sofs $shares$ Sofs $stocks$ Sthroughs Sthes Slocals
$stocks Sexchanges (Sbys Snon-dealers Sins Smarketables Ssecuritiess Sonlys.)
$Tax$ Sons $gross$ Sreceipts$ Sofs $Jai-Alais Sand$ Sracetrackss.
H
15%
9.
I
18%
$Tax$ Sons Swinnings$ Sofs Sbettors$ $fors Sdouble, forecasti, Strifectas,
Squinellas Sbets$.
10.
J
30%
>>>>>>>Clue: No rate is used as answer twice. <
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