INTRO 1
The reason why accounting has been called the “universal language of business”.
Communicating process
This branch of accounting deals with developing future accountants by creating relevant accounting curriculum.
Accounting Education
Under this principle, financial statements must be presented with supporting evidence.
Objectivity principle
Recording is the same as _____?
Journalizing
GAMING: Mobile Legends M2 World Champion?
Bren Esports
What is AICPA?
American Institute of Certified Public Accountant
What does GAAP stands for?
Generally accepted accounting principles
Business that may be classified under more than one type of business.
Hybrid Business
They required audited financial statements to accompany the filing of annual tax income return.
Bureau of Internal Revenue
PERSONAL: What is my YouTube channel?
SIR NJ TV
It is the preparation of trial balance to financial statements.
Summarizing
They need information about the production cost to decide for the pricing of the goods.
Management
The proof of ownership in a Corporation is called?
Stock certificate
The highest accounting officer in a private entity is known as the ___?
Controller
POLITICS: A natural citizen may be elected as president if he/she is at least ______ of age on the day of the election.
40 years
This is otherwise known as Journal.
Book of Original Entry
In the Philippines, to practice the accountancy profession, a person must finish this degree and passed the CPA licensure examination.
Bachelor of Science in Accountancy
In case of doubt, expenses should be recorded at a higher amount while revenue should be recorded at a lower amount.
Conservatism principle
They are concerned with the risk inherent in and return provided by their investments.
Existing and potential investors
SPORTS: Who was the 2020 KIA NBA Most Valuable Player?
Giannis Antetokounmpo
What is the essence of accounting? (Ans: _____-_____)
Decision-usefulness
Give at least three (3) government regulatory agencies who are concerned about the business’s financial reports.
SEC, BIR, DOLE, SSS, and LGUs
Nadine Lustre put up a sari-sari store business at home were ¾ of the space rented is occupied by his family and the rest of the space is for business. The total rent for the month amounted to P100,000. How much should be declared as rent expense of the Lustre’s sari-sari store?
25,000
Expenses should be recognized when _______ regardless of payment.
Incurred or consumed
LANGUAGE: What does the word “Accountancy” mean in Filipino?
Akontadurya/ Kontadurya