Accounting
What is the accounting equation
Asset = Liability + Equity
VAT rate currently imposed on taxable sales in the Philippines.
12%
What is the correct entry for the depreciation of the equipment?
Debit - Depreciation Expense
Credit - Accumulated Depreciation
The number of partners
5
What has keys but can't open locks?
Keyboard / Piano
This financial statement shows a Company's assets, liabilities, and equity at a SPECIFIC DATE.
A tax imposed on the transfer of property upon death
Estate Tax
Purchased a vehicle, partly cash and partly on account
Dr. Vehicle
Cr. Cash & AP
Year of partnership registration
2002
What goes up but never comes down?
Age
Revenue is recognized when it is earned, not when cash is received.
Accrual Basis of Accounting
The Philippine tax imposed on income earned within and outside the country by residents.
Sold equipment at a gain
Dr. Cash & Accumulated Depreciation
Cr. PPE & Gain
When is JNYu's birthday? (month and day)
June 24
What can run but never walks, has a mouth but never talks?
River
This principle requires expenses to be recorded in the same period as related revenues.
Matching Principle
The doctrine stating that taxes are the lifeblood of the government.
Lifeblood Doctrine
Accrual of interest at year end
Dr. Interest Expense
Cr. Interest Payable
On the month of September, what is our townhall theme?
Revisit
The more you take, the more you leave behind
Footsteps
The accounting assumption that allows business and personal transactions to be kept separate.
Entity Concept
Who is the current BIR Commissioner
Charlito Martin R. Mendoza
Declaration of Small stock dividend
Dr. Retained Earnings
Cr. Stock Dividends Distributable & APIC
Firm's telephone number with Ms. Vina's local
8236-4935 loc. 606
If a plane crashes on the border of two countries, where are the survivors buried?
Nowhere (survivors aren't buried T.T)