IAF Flashcards
(80 cards)
A jeepney driver has to spend money on gas and jeep repairs. That is called his?
Expenses
All the money collected by jeepney drivers are?
Revenue
The money a jeepney driver returns home with is his?
Profit or Net Income
the first 3 steps in the accounting process
Bookeeping
The ________ record which makes them different from accountants
Bookeepers
Earliest bookeeping records were found in?
Babylonia (Iraq) and Egypt
What became basis for the collection of taxes?
Registry
The first accounting book was written by _____ in ______
Cortugli, Naples
The double entry bookeeping system was introduced in ________ by _________ entitled, ___________
1494, Luca Pacioli, Summa de Arithmetica
Bookeeping in the Philippines was first introduced by the?
Spaniards
Bookkeepers in the Spanish era were called?
Tenedor de Libro
The old form of trade was?
Bartering
A business needs _________ before making decisions
Financial Information
shows a list of assets and liabilities
Statement of Financial Position
Statement of Financial Position is also called as?
Balance Sheet
performance report against costs and expenses
Income Statement
a cash report showing where the money came from and where the money was used.
Statement of Cash Flows
a progress report showing changes in your wealth.
Statement of Owner’s Net Worth
an economic unit that engages in buying and selling of goods or services
Business
Most often success is measured in terms of _____ and increase in _______.
profit, funds
This is a business set up and managed by one person. Most small businesses such as beauty parlors, dress shops, barbershops, and bakeries
Sole Proprietorship
the element of uncertainty
Risk
This is business owned by two or more persons called partners who contribute money, property and talent into common fund for the purpose of sharing profit among themselves.
Partnership
A business organized as a separate legal entity from the owners.
Corporation
