Balance Sheet Related
What is the most liquid asset
cash
Which financial statement shows a company's revenues and expenses over a specific period of time
income statement
What currency is used in more countries around the world than any other for accounting and trade purposes
US dollar
longest muscle in the human body
sartorius
What is the process of spreading the cost of a long-term asset over its useful life is called this.
depreciation
An account is a device used for calculating the net change. What is the simplest form of account?
T account
What country is the father of modern accounting from
Italy. Luca Pacioli is considered the father of modern accounting, credited with introducing double-entry bookkeeping in 1494
What is the national vegetable of the Philippines.
Malunggay has been declared as the national vegetable of the Philippines as it is a source of 49 vitamins and minerals and essential amino acids.
This type of account increases with a credit and typically represents money owed by a company
Liability
What component of equity reflects the accumulated earnings of a company that have not been distributed as dividends
retained earnings
5000 years ago pharaohs collected how many % tax equivalent from all grain harvests?
20%!!
Who won the academy award for best picture last 2024
Oppenheimer
When we pay for something on account, what do we credit?
accounts payable
In this step of the accounting cycle, temporary accounts (like revenues and expenses) are closed out to the retained earnings account
closing process
What is the average salary of an accountant in Manila
37-47k per month
What was the job of Walter Diemer, the inventor of bubblegum?
Accountant