1. Which of the following is the language of business?

What prefers to the interactions of a business with other businesses and stakeholders?

Who is considered the father of modern accounting?

What branch of accounting targets to educate students in the accounting field?

What government agency manages tax return filling  and tax collection?

The following are steps in accounting except__________________.

What does GAAP stand for?

Which of the following statements about accounting is correct? 

Accounting serves as a channel of success for business. What nature of accounting is meant by this?

Which among the steps in accounting is most important?

Which of the following business transactions is not financial in nature?

Accounting being a service activity is applicable only to business rendering services.

Accountants communicate the summarized results of all company financial events to interested parties to help them in __________________.

Accounting keeps a record of all financial transactions done by the company period after period. What nature of accounting is shown in this?

The PAS, GAAP and IFRS are accounting _________________.

Two of that which accountants must posses are mathematical skill and analytical skill. This statement presents what feature of accounting?

One of the features of accounting is that it is concerned with financial information and transactions. Which of the following is not similar in meaning with the underlined phrase?

Accounting is considered a ship that carries the company to its destination. What feature of accounting is meant by this?

What are the two classification of accounting information users?

Which of the following is an accounting information user that is employed by the business to plan, run, and evaluate its operations?

Which of the following is not an internal users of accounting information?

Which of the following is not an external user of accounting information?

Of the following external users, which would rarely examine a company's financial statements?

The difference between internal and external accounting users is that _________.

Collectively, clients, buyers, and patrons are called _____________.

The basic elements directly related to the measurement of financial position are

The basic elements directly related to measurement of performance or results of operations are:

These are resources controlled by the enterprise as a result of past events and from which future economic events are expected to flow to the enterprise. 

These are present obligations of an enterprise arising from past events the settlement of which is expected to result in an outflow from the enterprise of resources embodying economic benefits

Accounting consists of ___________ basic activities.

Accountants refer to an economic event as ________________.

The cost principle requires that when assets are acquired they be recorded at ____________.

Owner's equity is decreased by all all of the following except

Among the ledger balances of the account titles below, which is NOT written on the debit side of the trial balance?

If accounts payable has debit posting of 170,000,₱credit posting of 140,000 and a normal ending balance of  ₱60,000, what is its beginning balance?

Lopez Printing Services receives a bill from electric company of ₱2,500. What is the journal entry for this transaction?

On July 21, 2022, Garcia Printing services made a ₱500 cash withdrawal. Which of the following is the CORRECT explanation for this transaction?

Expense accounts are closed by crediting them.

An income already earned but not yet received is_____________.

This form of business organization is under heavy government regulation.

Should the P500 entry to the Cash account be a debit?

Should the P500 entry to Mary Lenox, Capital be a debit?

A company using the accrual method of accounting performed services on account in August. The services were for $2,000 and the company gave the customer credit terms thatstate the amount is to be paid to the company in September.

Assuming that the company prepares monthly income statements, what will be the accountdebited for $2,000 in August?

A company using the accrual method of accounting performed services on account in August. The services were for $2,000 and the company gave the customer credit terms that state the amount is to be paid to the company in September.

Which account should the company credit for $2,000 in August?

A company using the accrual method of accounting performed services on account in August. The services were for $2,000 and the company gave the customer credit terms that state the amount is to be paid to the company in September.

In September, when the company receives the $2,000 from the customer, which account should the company debit?

A company using the accrual method of accounting performed services on account in August. The services were for $2,000 and the company gave the customer credit terms that state the amount is to be paid to the company in September.

In September, when the company receives the $2,000 from the customer, which accountshould the company credit?

Generally, when an expense is involved in a transaction, an expense account will be

Generally, when revenues are involved in a transaction, a revenue account will be

To increase the balance in cash, would you credit an account or would you credit?

To decrease the balance cash, would you debit or credit in the account?