PDIC

Sectors of the government that use government accounting

What are the financial statements

Responsible for keeping the government general account

Allocation of public funds

Sole of keeping of national funds

It is the lifeblood of a country

External auditors are also called ________.

What do you call the examination for the CPA?

What are the qualifications for an individual to teach in Accounting?

It is a branch of accounting that deals with the creation of knowledge

What is Accounting Research?

What are the branches of Accounting

What are the two types of Accounting Research?

It is a type of Accounting Research that is used in academe or accounting education.

It is a type of Accounting Research that is used in businesses.

It is a sector of the government that collects tax

What do you call the accountant in tax?

What are the types of Tax?

How many percent is the Value Added Tax (VAT)?

VAT

What is the use of tax?

It is a branch of accounting primarily handling the recording of financial transactions of a business.

It is a branch of accounting which focusses on the preparation of financial reports used by managers in their day-to-day decision making.

It is a branch of accounting which deals with the receipt and disposition of public funds.

It is defined as an accounting system which “encompasses the process of analyzing, recording, classifying, summarizing, andcommunicating all transactions involving the receipt and dispositionof government fund and property and interpreting the result thereof.

It is an unbiased examination and evaluation of the financial statements of an organization.

It is a branch of accounting that deals with the creation of new knowledge.

It is a branch of accounting that provides information for financial accounting and management accounting.

It enables the taxing authorities to collect taxes that differ from the amount due computed using the financial accounting standards.

What are the two kinds of auditing?

Two kinds of users of financial information.

External users of financial information

Internal users of financial information

They are the main source of income of businesses. It can even be claimed that most businesses are established solely for the service of their __________.

These are people or entities that acquire goods and services for a fee.

They lend their resources (usually money) to the business in exchange for a fee. The fee charged by _________ is the payment for the use of their resources.

Three main factors considered by creditors before lending to a company:

Like creditors, they may also provide the additional fuel to drive the company forward by putting their resources (usually money) in a business hoping to earn a decent amount of return. Unlike creditors who are assured to earn the interest and fees, they may win or lose in their investment. Investing in a business is a gamble.

It is likewise a user of a company’s financial statements, primarily to regulate the businesses in the economy, but can also invest in or lend money to businesses.

It is responsible for the assessment and collection of taxes from its constituents.

It is composed of employees within the company that can implement decisions affecting the company’s operations, such as members of the board of directors, top management, middlelevel managers, and supervisors are the common classes of employees belonging to the management group.

They are the existing investors of the company

What are the four forms of business organization?

Considered the simplest form of under which a business can operate, these are businesses formed by a single individual, but unlike partnerships and corporations, businesses operating under such setup do not have separate legal existence from the owner

It is a contract whereby two or more persons bind themselves to contribute money, property, or industry to a common fund, with the intention of dividing the profits among themselves. Two or more persons may also form a partnership for the exercise of a profession.

It is an artificial being created by operation of law, having the right of succession and the powers, attributes, and properties expressly authorized by law or incident to its existence.”

It is a duly registered association of persons, with a common bond of interest, who have voluntarily joined together to achieve a lawful common social or economic end, making equitable contributions to the capital required and accepting a fair share of the risks and benefits of the undertaking in accordance with universally accepted cooperative principles.”

Three Major Types of Business

It is an organization that converts inputs or resources such as material, labor, and overhead into outputs which are usually either goods or services.

These are firms that generally use their employees to provide intangible products or services to customers, including professional skills, advice, expertise, and other related products. The primary source of revenues of service companies is the performance of services, often referred to as service revenues

They sell tangible products. This type of business buys finished or almost finished goods from their suppliers and resells the same to customers.

Two types of merchandising companies

A merchandising company that sells goods directly to customers is called a ___________

A _________ is a merchandising company that sells goods to retailers.

They create their own products. They use raw materials, components, or parts which are processed using machines, computers, and labor to produce finished goods.

It refers to other assets owned by a person. Examples are land, building, vehicles, etc

It refers to the skills and expertise of a person

It occurs when there is a change in the relationship among the partners

In a ___________, at least one partner has unlimited liability and at least one partner has limited liability

Partners having unlimited liability are called _________

Partners having limited liability are called _____________

It is a type of partnership that aims to protect innocent partners from the malpractice and wrongdoings of other partners.

It is another form of organization having partnership characteristics. It have features of both a corporation and a partnership

A corporation is an _____________. It means that it is an entity separate and distinct from its owners.

It is an intangible (i.e., no physical form) asset evidencing a proportionate share in the properties of a corporation.

A stock is represented by a __________

A corporation shall exist for a period not exceeding _______ from the date of its formation

The income distributed to stockholders is called __________.

The primary source of revenues of service companies is the performance of services, often referred to as ____________.

Merchandising companies primarily earn revenues from the sale of the goods or merchandise, also known as ___________ or sales.

He is known today as the father of accounting and bookkeeping. Born in 1445 in Tuscany

It is the enacted budget of the country for the upcoming year