Individuals or organizations outside the company who are not involved in operating the business.

Users need accounting information to determine the credit integrity, the worthiness of the organization, and credit terms.

This means that the business is expected to continue indefinitely

Book of Final Entry

Assets and income should not be overstated while liabilities and expenses should not be understated.

Journal  for miscellaneous accounts

The simplest form of the account or ledger

Normal Value of Expense Account

Normal Value of Capital

It is the list of all the accounts of the company that is being used by the firm to their financial records.

The owner purchased supplies worth P10,000 in cash.  What account would be debited?

 The owner billed his client P82,600 for services rendered. What account would be credited?>

The business received an electric bill of P2,500. What account would be debited?

The business acquired office equipment and furniture worth P25,000 and P45,000 respectively, paid P15,000 cash, and issued a note payable for the balance. How much would be the note payable?

The owner invested cash amounting to P80,000 and his personal furniture amounting to P70,000 in the business.

What is the Normal of Salaries Expense?  

What is the Normal Professional Fee?

What is the Normal of Land? 

What is the Normal Value of Accounts Payable?

The Book of Final Entry. 

It refers to the procedure of transferring information from the journal to the ledger.

It pertains to the initial recording of transactions that occurred. This includes the date, the account debited or credited, and its short description is written chronologically.

He bought office equipment from Pilar Equipment Store for P4,950, paying P1,000 in cash and the balance on the account. How much is the balance on the account?

All entries involve only two accounts: one debit and one credit.