Basic accounting
This is the equation that forms the foundation of accounting.
ASSESTS= LIABILITIES+EQUITY
A detailed projection of income and expenses over a certain period is called.
BUDGET
This document shows the difference between the bank's records and a company's cash account.
BANK RECONCILIATION STATEMENT
This is the government's compulsory charge on income, goods, or services.
TAX
These are obligations a business owes to outsiders, usually settled over time with money, goods, or services.
LIABILITIES
This principle requires recording expenses in the same period as the revenues they help generate.
MATCHING PRINCIPLE
The process of forecasting the financial results and determining how best to use the company’s money.
FINANCIAL PLANNING
This term refers to checks issued by a company but not yet cleared by the bank.
OUTSTANDING CHECKS
This type of tax is based on the income earned by individuals or corporations.
INCOME TAX
This statement shows a company's assets, liabilities, and equity at a specific point in time.
BALANCE SHEET
This principle says that accountants should choose methods that minimize the possibility of overstating assets or income.
CONSERVATISM PRINCIPLE
This budget shows the expected cash inflows and outflows for a certain period, helping to avoid liquidity problems.
CASH BUDGET
This is the process of recording a bank service charge in the company's books.
ADJUSTING JOURNAL ENTRY
This type of tax is included in the price of goods and services in the Philippines, usually at 12%.
VALUE-ADDED TAX (VAT)
This financial statement explains how cash enters and leaves the business over a period.
STATEMENT OF CASH FLOW
This financial statement shows a company’s revenues, expenses, and net income over a period of time.
INCOME STATEMENT
A plan that includes all individual budgets and summarizes the company's financial position at the end of the period.
MASTER BUDGET
This bank reconciling item occurs when the bank records a deposit that the company has not yet recorded.
CREDIT MEMORANDUM (CREDIT MEMO)
This tax principle states that those who earn more should contribute a larger percentage of their income.
ABILITY-TO-PAY PRINCIPLE
This section of the statement of cash flows shows cash paid to buy property, equipment, or investments.
INVESTING ACTIVITIES
This principle assumes that a business will continue operating indefinitely unless there is evidence to the contrary.
GOING CONCERN PRINCIPLE
This type of planning ensures that sufficient funds are available to meet short-term obligations while also investing for long-term growth.
CASH MANAGEMENT
This is the adjusted balance in the company's cash account after reconciling all differences between the bank statement and the company's ledger.
ADJUSTED BOOK BALANCE
This is the deadline for filing annual income tax returns for individuals in the Philippines.
APRIL 15
This statement reports changes in the owners' residual interest in the business during a period.
STATEMENT OF CHANGES IN EQUITY