INTRO 1
Who is the father of Accounting?
Luca Pacioli
CPA Licensure Examination is offered every ___ and ____.
May and October
This type of business is also known as "buy and sell".
Merchandising Business
All business activities are accountable events. (T/F?)
False
HEALTH: What does covid 19 stands for?
Corona Virus Disease – 2019
The key product or output of accounting is called?
Financial Statement
They need information about resources or assets and liabilities of the business to decide whether to have an additional investment or borrow funds to support any expansion plans.
Owners
This is regulated by Department of Trade and Industry.
Sole proprietorship
Which is done first, Accounting or Auditing?
Accounting
GOVERNMENT: The present constitution of the Republic of the Philippines is?
The 1987 Constitution
Sorting or grouping of similar and interrelated economic transactions into their respective classes.
Classifying
This branch of accounting involves financial analysis, budgeting and forecasting, cost analysis, evaluation of business decisions, and similar areas.
Managerial Accounting
In going concern principle, business is expected to continue _______.
Indefinitely
The salary expenses from January to December 2015 should only be reported in 2015.
Time period principle
MUSIC: What does the K-Pop group EXO stands for?
Exoplanet
Production is what kind of transaction?
Internal Transaction
Compared to accounting, this is procedural and largely concerned with development and maintenance of accounting records.
Bookkeeping
What is CDA?
Cooperative Development Authority
CPA may practice their profession in these three main areas.
Public Accounting, Private Accounting and Government Accounting
PERSONAL: What was the last movie I’ve watched in Netflix
The Platform
Criteria for accountable event are:
1. It must affect a financial element of accounting;
2. It is a result of a past activity; and
3. _____
Its cost can be measured reliably.
The Professional Regulation Commission upon favorable recommendation of the Board of Accountancy shall issue the ______ to practice public accountancy which shall be valid for 3 years and renewable every 3 years upon payment of required fees.
Certificate of Registration
Revenue should be recognized when ______ regardless of collection.
Earned
What is OPC?
One Person Corporation
MOVIES: Two places in the Philippines that were mentioned in Money Heist
Manila and Palawan