From an average collection period of 207 days, it went down to 202 days in 2016.

This is the entity’s ability to meet long term obligations as they become due.

If the net income after tax of the company is P4,000,000, starting balance of assets is P500,000 and the ending balance of assets is P700,000, what is the return on assets?

The time interest earned ratio for 2015 is 10. It went up to 12 during 2016

Interest expense for the year amounted to P90,000. Income tax expense is P100,000. If net income after tax is P620,000, what is the times interest earned ratio?

What makes journal different from general ledger?

Mr. Magno Manuel usually pays his bills through issuing a check. What type of account does Mr. Magno keeps?

What makes savings account different from a checking account?

Which of the following shows the proper step in filling out a deposit slip?

It is an instrument issued by a person in payment for goods and services acquired.

How does two million sixty-seven thousand fifty-four pesos be written in figures?

It is an account established for safekeeping your money.

This check is past 6 months or 180 days from the date of issuance.

What is the standard check dimension or check size in Philippine banking system?

It is an instrument issued by a person for his/her payment in the purchase of goods or services.

It refers to the beginning deposit in transit added to the deposits made per book.

It refers to common journal errors in accounting of cash in bank.

It is book reconciling item which is composed of proceeds from loans or interest earned from the bank account.

Bank service charges are usually on what column in the bank statement?

By adding the beginning outstanding checks and checks issued per book is the _____.

Rita prepares a schedule to bring the depositor’s cash balance and the related cash balance into agreement. What report is she preparing?

These are deposits already recorded in the company’s book thereby increasing the cash balance but not yet recorded in the bank records.

What is the adjusting entry for the interest earned?

What is the effect of outstanding checks?

What are the bank reconciling items?

Beginning deposit in transit is P10,000, total deposits made per book is P50,000 and the deposit listed in the bank is P40,000. How much is the deposit in transit at the ending of the month?

Beginning outstanding checks amounted to P30,000, total checks issued per book is P30,000 and the check paid by the bank amounted P50,000. How much is outstanding checks at the end of the month?

The bank erroneously debited P10,000 check on out account. what is the entry to correct the books?

These are deposits made by the bank to the company’s account but not yet reflected in the company’s books.

On Jan 31, Mr. Ahn deposits P100,000 in his checking account. The deposit was reflected on Feb 2. The P100,000 is the __________.

Super Bank returned an NSF check and collected charge for it. What is the entry for the bank charge for the NSF?

Makabayan School Supplies registered its business and applied for a loan in Makatao Bank amounting to P2,000,000. The bank approves the loan and deposited it in Makabayan’s checking account. The transaction is called _______.

Malikhain Bank collects notes receivable for ABM Merchandise. The note amounted to P55,000 and the bank charges P300 for the collection. What is the entry to update the books?

A deposit of P67,897 is recorded in the book as P67,789. What do you call this error?

What are the sources of gross income from compensation?

Eddie is employed but at the same time manages a resto-bar at the end of his shift. He has sources of income such as his salary, tips of clients from his job, interest from his personal and business bank accounts and revenue from his business. Which is a source of gross income from business?

Marga is employed with 2 legitimate dependent children. Her annual compensation is 200,000 with mandatory deductions of 10,000. Is her compensation taxable?

How much is the maximum additional personal exemption based on train law?

How much is the final tax rate for a non-resident alien – not engage in trade or business for income derived in the Philippines?

A classification of individual who is a Filipino citizen and lives or resides in the Philippines.

It is the income generated by the entrepreneur or by professionals.

TRAIN Law is a comprehensive tax reform program signed by Pres. Rodrigo R. Duterte on December 19, 2017. What does TRAIN means?

Which is an allowable deduction to the gross income of an individual?

Which is a true about tax?

What are the inherent powers of the government?

The economic status of an individual or his capacity to pay will dictate how much is his tax obligation to his country. Which purpose of tax is being described?

Income generated from investments by the individual like interest income in bank accounts, time deposits, royalties from patents or compositions, cash prizes, lotto winnings and dividends.

One requisite of income to be taxable is that the gain must be realized or received. Which of the following describes the concept?

They are called juridical persons which also possesses rights and responsibilities as that of an individual person.

An employee with annual salary of P500,000, annual allowable deductions of P28,000 and bonus of P100,000 for the year. Compute for the tax due if the individual is a resident citizen.