1) The analytical component of accounting.

17) It is a global phenomenon intended to bring about

greater transparency and a higher degree of
2) The technical component of accounting. comparability in financial reporting.

3) The formal component of accounting. 18) Promulgated the Conceptual Framework.

4) Economic events involving one entity and another 19) Basic notions or fundamental premises on which the
entity. accounting process is based.

5) Events which have an effect on assets, liabilities, 20) The only accounting assumption mentioned in the
and owner’s equity. Conceptual Framework.

6) Group of accounts which are systematically 21) Users of financial information to whom general-
categorized into assets, liabilities, equity, income purpose financial reports are primarily directed.
and expenses.
22) Information about the entity’s economic resources
7) The law regulating the practice of accountancy in and the claims against the reporting entity.
the Philippines.
23) The availability of cash over the long term to meet
8) The body authorized by law to promulgate rules and financial commitments as they fall due.
regulations affecting the practice of accountancy in
the Philippines. 24) Also known as results of operations, this is
portrayed from the entity’s net income or net loss
9) Issues Certificates of Registration to CPAs to for a period.
practice public accountancy profession.
25) Qualities and attributes that make financial
10) Book of original entry. accounting information useful to users.

11) Field of accounting that includes the preparation of 26) Other term for materiality.
annual ITRs and determination of tax consequences
of business proposals. 27) They provide narrative description about significant
items that do not qualify for recognition of
12) This is primarily concerned with the recording of accountable transactions.
business transactions and the eventual preparation
of financial statements. 28) This means that when alternatives exist, that which
has the least impact to equity must be chosen.
13) Accumulation and preparation of financial reports
for internal users only. 29) The first Filipino CPA.

14) The rules, procedures, practices and standards 30) Building blocks from which financial statements are
followed in the preparation and presentation of made.
financial statements.
31) Represents other items that meet the definition of
15) The accounting standard-setting body created by income but do not arise in the ordinary course of
the PRC upon the recommendation of the BOA to business.
assist the BOA in carrying out its powers and
functions under RA 9298. 32) Identifiable nonmonetary asset without physical
substance.
16) An independent private sector body, with the
objective of achieving uniformity in the accounting 33) Correcting entry for error discovered when the
principles which are used by business and other income summary account is already closed to the
organizations for financial reporting around the capital account.
world.
34) Economic activities of the business enterprise which 53) PICPA created the ____ to establish and improve
affect any of the accounting elements. accounting standards that will be generally accepted
in the Philippines.
35) A debit balance in the income summary represents
a ________. 54) The integrated national professional organization of
CPAs in the Philippines accredited by BOA and the
36) A credit balance in the income summary represents PRC.
a ________.
55) Precursor of the FRSC
37) The amount due on the note at the date of
maturity. 56) Means that different knowledgeable and
independent observers could reach consensus that a
38) It is the field of professional practice of accounting particular depiction is a faithful representation.
where CPAs are considered as independent entities
vested with freedom to exercise his own judgment 57) Basic summary device of accounting.
and impartiality of the reports he prepared.
58) A detailed record of the increases, decreases and
39) This accounting concept justifies the usage of balance, of each element that appears in an entity’s
accruals and deferrals. financial statements.

40) Income summary is ____ when a net loss is closed. 59) Most basic tool of accounting.

41) Income summary is ____ when a net income is 60) These are short-term, highly liquid investments that
closed. are readily convertible to known amounts of cash
and which are subject to an insignificant risk of
42) T/F, Modify if F: The objectives of financial reporting changes in value.
for entities are determined by GAAP.
61) Largest single expense in merchandising businesses
43) A 12-month period that ends on any month when
the business is at the lowest or experiencing slack 62) The adjusted trial balance is prepared by combining
season. horizontally the amount of each account in the
unadjusted trial balance columns with the
44) These are made with the intention of permanently corresponding amounts in the adjustments
decreasing the capital. columns. This procedure is called _____.

45) This is the most liquid of all assets. 63) Making and collecting loans can be found in this
section of the Statement of Cash Flows.
46) The father of accounting; an Italian Renaissance
mathematician 64) Receipts from collections on notes receivable can be
found in this section of the Statement of Cash
47) Where can you find withdrawals in the Statement of Flows.
Cash Flows?
65) Payments to acquire debt or equity securities can
48) Inventor of double-entry bookkeeping from be found in this section of the Statement of Cash
Giovanno Farolfi and Company. Flows.

49) The methods an organization uses to obtain 66) Receipts from issuance of notes payable can be
financial resources from financial markets and how found in this section of the Statement of Cash
it manages these resources. Flows.

50) These involve the selection and management 67) Payments to settle notes payable can be found in
including disposal and replacement of long-term this section of the Statement of Cash Flows.
resources that will be used to develop, produce, and
sell goods and services. 68) Source document that is prepared by the seller of
goods and sent to the buyer.
51) These involve the use of resources to design,
produce, distribute, and market goods and services. 69) Source document that is issued by the carrier that
specifies contractual conditions and terms of
52) Luca Pacioli’s book delivery.
70) Source document that notifies the debtor of the
accounts already due. 88) It is intended to increase the usefulness of the
financial information that is relevant and faithfully
71) Source document that evidences the receipt of cash represented.
by the seller.
89) A pervasive constraint on the information that can
72) Source document that is an authorization made by be provided by financial reporting.
the buyer to the seller to deliver the merchandise as
detailed in the form. 90) Resources controlled by the entity as a result of
past transactions or events and from which future
73) A formal acknowledgment that the seller has economic benefits are expected to flow to the
reduced the amount owed by the customer. entity.

74) This inventory system is used most commonly by 91) Three applications of the matching principle
companies that sell low-priced, high-volume
merchandise. 92) The two underlying assumptions mentioned in the
ASC conceptual framework.
75) This inventory system is used most commonly by
companies that sell high-priced, low-volume 93) Another term for equity
merchandise.
94) Reversing entries are done to all _____ and
76) Two ways of presenting expenses in merchandising ______.
business income statement
95) A device used in storing the details of certain
77) This means that the entity discounting the note general ledger accounts.
guarantees payment if the maker of the note
defaults or dishonors payments. 96) Activities that include the cash flows derived
primarily from transactions involving nontrade
78) The credit of NR Discounted account signifies that liabilities and equity of an entity.
the note was sold _____.
97) An accounting device used in summarizing the
79) If the note is sold ______, the credit should be to effects of transactions on each asset, liability,
NR. equity, revenue and expense.

80) Discounting with recourse creates a _____ liability 98) The means by which the information accumulated
for the endorser. and processed in financial accounting is periodically
communicated to users.
81) A potential liability that will become an actual
liability only if a potential event does occur. 99) It is this section where the accounts debited and
credited are to be recorded.
82) All tangible assets with an estimated useful life
beyond one year, and are used in the conduct of the 100) This column would show the ledger page in which
business, and are not intended for sale in the the accounts are transferred.
ordinary course of business.
101) It is a written promise to pay a certain amount of
83) Two fundamental qualitative characteristics money on a specified or determinable future date.

84) The capacity of the information to influence a 102) Receivables that represent claims arising from
decision sources other than the sale of merchandise or
services in the ordinary course of business.
85) The desire to exercise care and caution when
dealing with the uncertainties in the measurement 103) Historical cost has been the valuation basis most
process such that assets or income are not commonly used in accounting because of its ___.
overstated and liabilities or expenses are not
understated. 104) The ADA account which appears as a deduction
from AR on a balance sheet is an application of ___.
86) Qualitative characteristics that relate to the content
or substance of financial information. 105) It is the most basic model of accounting that
presents the resources controlled by the enterprise,
87) Qualitative characteristics that relate to the the present obligations of the enterprise, and the
presentation or form of the financial information. residual interest in the assets.
106) An accounting system which means that the dual 124) A method of marketing goods in which the owner
effects of a business transaction is recorded. called the consignor transfers physical possession of
certain goods to an agent called the consignee who
107) The process of reporting an item in the financial sells them on the owner’s behalf.
statements of an entity.
125) The cost of inventories that are not ordinarily
108) An external user that relies on the company’s interchangeable and inventories that are segregated
financial statements in negotiating for higher wages for specific projects shall be determined by using
and better benefits. this inventory method.

109) Assets which are permanent in nature and their 126) Deductions from the list or catalog price in order to
useful life to the business exceeds one year. arrive at the invoice rice which is the amount
actually charged to the buyer.
110) List of general ledger accounts with open balances.
127) Deductions from the invoice price when payment is
111) These are debts or obligations that are secured by a made within the discount period.
specific asset or assets of the business.
128) In computing net sales, the sales allowance and
112) A check drawn, recorded and already given to the sales discount are ____.
payee but it bears a date subsequent to the balance
sheet date. 129) Defines accounting as an art.

113) Goods on consignment should be included in the 130) Defines accounting as a service activity.
inventory of the (consignor/consignee)
131) Defines accounting as a process.
114) A system of control of cash which requires that all
cash receipts should be deposited intact and all cash 132) The primary purpose of a balance sheet.
disbursements should be made by means of check.
133) The primary purpose of an income statement.
115) Money set aside to pay small expenses which
cannot be paid conveniently by means of check. 134) The law that governs the practice of Accountancy in
the Philippines.
116) A statement which brings into agreement the cash
balance per book and the cash balance per bank. 135) This provides the overall theoretical foundation of
accounting and was promulgated by the IASB.
117) A monthly report of the bank to the depositor
showing the cash balance per bank at the 136) Sources of financing for a business enterprise
beginning, the deposits acknowledged, the checks
paid, other charges and credits and the daily cash 137) In an accounting process, it is the recognition or
balance per bank during the month. non-recognition of business activities as
“accountable” events.
118) Under this method, the book balance and the bank
balance are brought to a correct cash balance that 138) Economic events involving the entity only.
must appear on the balance sheet.
139) Economic events involving one entity and another
119) Under this method, the book balance is reconciled entity.
with the bank balance.
140) As an accounting process, it is the assigning of peso
120) Under this method, the bank balance is reconciled amounts to the accountable economic transactions
with the book balance. and events.

121) The sale of the note receivable is absolute and 141) The preparation of financial statements which
therefore is no contingent liability. include the SFP, IS, SCI, SCE and SCF.

122) The amount appearing on the face of the note. 142) This group of individuals keep an eye on the
operation of all kinds of corporation.
123) The amount of interest deducted by the bank in
advance to a notes receivable. 143) CPAs are required to register with ___ and ___ for
the practice of public accountancy.
144) The field of ____ is composed of individual 158) PFRS collectively include all of the following except:
practitioners, small accounting firms and large A. PFRS which correspond to IFRS.
multinational organizations that render independent B. PAS which correspond to IAS.
and expert financial services to the public. C. Philippine Interpretations which correspond to
interpretations of the IFRIC and the Standing
145) The highest accounting officer in an entity is known Interpretations Committee, and interpretations
as the _____. developed by the PIC.
D. All of the above.
146) Accountants in the field of _______ assist E. None of the above.
management in planning and controlling the entity’s
operations. 159) Accounting assumptions are also known as ____.

147) This field of accounting encompasses the process of 160) This serves as the foundation or bedrock of
analysing, classifying, summarizing and accounting in order to avoid misunderstanding but
communicating all transactions involving the receipt rather enhance the understanding and usefulness of
and disposition of government funds and property the financial statements.
and interpreting the results thereof.
161) With regards to the going concern assumption,
148) This is primarily concerned with the recording of assets are normally recorded at ___ and ____ are
business transactions and the eventual preparation ignored.
of financial statements.
162) Measuring certain assets at fair value is the very
149) In the Philippines, the development of GAAP is foundation of the ___ principle, which is also known
formalized initially through the creation of the ___. as the ____.

150) The accounting standards promulgated by the ____ 163) If there is evidence that the entity would experience
constitute the “highest hierarchy” of generally large and persistent losses or that the entity’s
accepted accounting principles in the Philippines. operations are to be terminated, the ____ is
abandoned.
151) The approved statements of the FRSC.
164) This aspect of the monetary unit assumption means
152) FRSC is composed of ___ members. that the assets, liabilities, equity, income and
expenses should be stated in terms of a unit of
153) The _____ was formed by the FRSC in August 2006 measure, which is the peso in the Philippines.
and has replaced the Interpretations Committee
(IC) formed by the ASC in May 2000. 165) The stable peso postulate is actually an
amplification of the ____ so much so that
154) The role of the ___ is to prepare interpretations of adjustments are unnecessary to reflect any changes
PFRS for approval by the FRSC and in the context of in purchasing power.
the Conceptual Framework, to provide timely
guidance on financial reporting issues not 166) The underlying theory for the development of
specifically addressed in current PFRS. accounting standards and revision of previously
issued accounting standards.
155) Which is true? IASC now replaces IASB, or IASB
now replaces IASC? 167) It assists the FRSC in developing accounting
standards that will represent Philippine GAAP.
156) It has the objective of working generally for the
improvement and harmonization of regulations, 168) The Conceptual Framework is NOT a ___, and hence
accounting standards and procedures relating to the does not define standards for any particular
presentation of financial statements. measurement or disclosure issue. Nothing in the
Conceptual Framework overrides and specific ___.
157) IASB publishes its standards in a series of
pronouncements called ____. 169) The qualitative characteristics of useful financial
information is determined by ____.
170) Which of the following is not included in the scope 187) These are unrecorded decreases in inventory
of the Conceptual Framework? resulting from such factors as breakage, spoilage,
A. Objectives of financial reporting. employee theft and shoplifting.
B. Qualitative characteristics of useful financial
information. 188) Current assets over current liabilities
C. Quantitative characteristics of useful financial
information. 189) Current ratio is used to test the ___ of an entity.
D. Definition, recognition and measurement of the
elements from which financial statements are 190) Suggests that the benefits of accounting for and
constructed. reporting information should outweigh the costs.
E. Concepts of capital and capital maintenance.
F. Both A and E. 191) An intentional misstatement in the financial
G. None of the above. statements, which is viewed as unethical.

171) The provision of financial information about an 192) Expenses=Revenues

entity to external users that is useful to them in
making economic decisions and for assessing the 193) An entry accompanied by one debit and one credit.
effectiveness of the entity’s management.
194) These are expenses and losses from peripheral or
172) The objective of ___ is the “why” purpose or goal of incidental transactions of the enterprise; for
accounting. example, loss on sale of investments or loss on sale
of property and equipment.
173) This is the information about the entity’s economic
resources and the claims against the reporting 195) According to the conceptual framework, the
entity, which can help users to assess the entity’s objectives of financial reporting for business
liquidity, solvency and the need for additional enterprises are based on ______.
financing.
196) According to the Statements of Financial Accounting
174) The ___ of an entity comprises its revenue, Concepts, neutrality is an ingredient of ____.
expenses, and net income or loss for a period of
time. 197) According to the conceptual framework, ____ is an
enhancing quality that relates to both relevance and
175) This is also known as the results of operations. faithful representation.

176) He said that historical cost should be the basis of 198) An account title synonymous to “networth.”
valuation.
199) Any item that a bank will accept as a deposit and
177) He proposed the fair value method of accounting. that is immediately available and acceptable as a
means of payment.
178) He utilized price level accounting.
200) A performance measure concerned primarily with
179) The memorandum book, journal book and the cash-to-cash cycles.
ledger book are all part of ____.
201) An account with a dual nature – as an asset and as
180) The method shown in journal entries. a reduction of cost.

181) This method is now used in ledger postings. 202) An account representing a reduction for damaged or
unacceptable goods not returned to the supplier.
182) The first Accountancy Law.
203) The point where transfer of ownership is determined
183) The difference of debits and credits.
204) A control account is found in the ____.
184) Second most liquid of assets.
205) An account used for the recognition of losses arising
185) Also known as the “reference book,” this is used to from valueless receivables.
classify and summarize transactions.
206) These are accounts which are not closed because
186) These are journals of original entry designed for their amounts pertain not only to the present period
recording specific types of transactions of a similar but are carried over to the next period.
nature.
207) It is a temporary owner’s equity account in which 221) This characteristic requires that descriptions and
the cost of all merchandise purchased during the figures must match what really happened or that
accounting period is recorded. effects transactions and events shall be properly
accounted for.
208) It is a form issued by the seller acknowledging the
returns or allowances requested by the buyer. 222) This assumption expresses all the figures
Issuance of this form means that the account of the appearing in the financial statements in terms of a
buyer in the books of the seller is reduced. common unit of measure.

209) PAS 2, paragraph 9, provides that “inventories shall 223) These are the qualitative characteristics that relate
be measured at the _______.” Here, the cost of to the substance or content of the financial
inventories shall comprise all costs of purchase, information
costs of conversion and other costs incurred in
bringing the inventories to their present location 224) The role of this committee is to provide timely
and condition. guidance on financial reporting issues not
specifically addressed in the current PFRS.
210) PAS 2, paragraph 25, expressly provides that the
cost of inventories shall be determined by using 225) This comprises the assets, liabilities and equity of
either ____ or _____. an entity at a particular moment in time.

211) In a period of rising prices, the ____ method would 226) This assumption prohibits the merging of the
result to the highest net income. personal transactions of the owners, managers and
employees who constitute the entity from the
212) When used in conjunction with the perpetual entity’s transactions.
system, the weighted average method is popularly
known as the ____. 227) This requires that information should be presented
in a way that facilitates understanding and avoids
213) In a period of rising prices, the ____ method would confusion.
result to the lowest net income.
228) This is a partnership that has complied with all the
214) This depicts the effects of transactions and other legal requirements for its establishment.
events and circumstances on an entity’s economic
resources and claims in the periods in which they 229) This is a kind of partnership which is not a
occur even if the resulting cash receipts and partnership in reality but is considered as such
payments occur in a different period. only to those who, by their conduct or admission,
are precluded t deny or disprove its existence.
215) These are financial statements intended to meet
the needs of users who are not in the position to 230) This is a set of documents that report financial
require an entity to prepare reports tailored to information about an entity to decision-makers,
their particular information needs. and the key product of accounting as an
information system.
216) This kind of deposit will require the preparation of
a bank reconciliation statement. 231) This provides information about the entity’s
economic resources and the claims against the
217) This refers to the inculcation, assimilation and reporting entity.
acquisition of knowledge, skill, proficiency and
ethical and moral values after the initial 232) This area of accounting focuses on the preparation
registration of a CPA. of financial statements/reports for both internal
and external users.
218) This kind of partnership may be terminated at any
time because it has not been established for a 233) Expenses are recognized using this principle when
particular undertaking and no specific time has economic benefits are expected to arise over
been fixed for its existence. several accounting periods and their association
with specific revenues can only be broadly or
219) Under this principle, expenses are recognized only directly determined.
when the associated revenues are recognized.
234) This is a summary of the terms and concepts that
220) This law governs the creation of private underlie the preparation and presentation of
corporations in the Philippines. financial statements for external users.

235) This is a list of all the entity’s accounts.

236) Corporations organized under the laws of the 253) This is a group of accounts systematically
Philippines categorized into asset accounts, liability accounts,
equity accounts, revenue accounts and expense
237) This comprises the revenues, expenses and net accounts.
income or loss of an entity for a period of time.
254) Republic Act 9298 is the law regulating the practice
238) This assumption or concept requires the of accountancy in the Philippines. Another name for
subdivision of the indefinite life of an entity into which, is ____________.
equal artificial time periods for purposes of
financial reporting. 255) In discounting a note receivable, it is the amount of
interest deducted by the bank in advance.
239) This assumption ignores inflation and deflation or
changes in the purchasing power of the Philippine 256) This characteristic requires that financial
peso for purposes of financial reporting. information must be comprehensible or intelligible if
it is to be most useful.
240) The focus of this branch of accounting is the
custody and administration of government funds. 257) This characteristic means that different
knowledgeable and independent observers could
241) Corporations organized for some private purpose. reach consensus that a particular depiction is a
faithful representation.
242) The minimum number of incorporators of a
corporation. 258) This is a pervasive constraint on the information
that can be provided by financial reporting.
243) This is the capacity of the information to influence
a decision. 259) In this method of handling petty cash fund, formal
journal entries are made during payment of
244) These serve as the foundation or bedrock of expenses out of the fund.
accounting in order to enhance the understanding
and usefulness of the financial statements. 260) This refers to the corporation’s right to continue to
exist despite the death, withdrawal or insolvency of
245) This is any period of consecutive twelve (12) its individual members/stockholders.
months.
261) This is a kind of partnership wherein partnership
246) This is the ability to bring together the financial creditors may seek satisfaction of their claims from
information for the purpose of noting points of the personal assets of one or more but not all the
likeness and difference. partners in case the partnership assets are
insufficient to cover such claims.
247) This is the examination of financial statements
made by independent CPAs for the purpose of 262) This generally takes the form of minimum cash
expressing an opinion as to the fairness with which checking or demand deposit account balance that
financial statements are prepared. must be maintained in connection with a borrowing
arrangement with a bank.
248) Accountants employed in entities in various capacity
as accounting staff, chief accountant or controller 263) These are checks not encashed by the payee within
are said to be engaged in which branch of a relatively long period of time.
accounting?
264) To arrive at the invoice price chargeable to the
249) This is currently the standard-setting body of the buyer, this is where trade discounts are deducted
Philippines. from.

250) Corporations established for charitable purposes. 265) This partner takes active part in the business but is
not known to be a partner by outside parties.
251) This is the body authorized by law to prepare and
grade the Philippine CPA examination. 266) This partner does not take active part in the
business but is known to be be a partner by outside
252) This the only accounting assumption mentioned in parties.
the Conceptual Framework.
267) This partner does not take active part in the
business and is not known to be be a partner by
outside parties.
268) The partner who takes charge of the winding up of 271) These are events that have an effect in the assets,
the partnership affairs upon dissolution. liabilities, and equity of the entity.

269) These are dividends declared beyond the balance of 272) This standard requires that all significant and
retained earnings and therefore, accounted for as a relevant information leading to the preparation of
return of capital. financial statements shall be clearly reported.

270) This doctrine/principle allows certain entities to 273) This is the reporting of the different elements in the
declare dividends beyond the balance of face of the financial statements.
unappropriated retained earnings.
1. Identifying 43. Natural business year
2. Measuring 44. Permanent withdrawals
3. Communicating 45. Cash
4. External event 46. Luca Pacioli
5. Accountable events 47. Financing activity
6. Ledger 48. Amatino Manucci
7. R.A. 9298 a.k.a Philippine Accountancy Act of 49. Financing activities
2004 50. Investing activities
8. BOA 51. Operating activities
9. PRC 52. Summa
10. Journal 53. ASC
11. Taxation 54. PICPA
12. Financial accounting 55. ASC
13. Managerial accounting 56. Verifiability
14. GAAP 57. Account
15. FRSC 58. Account
16. IASC 59. Accounting equation
17. IFRS 60. Cash equivalents
18. IASB 61. Cost of Sales
19. Accounting Assumption 62. Cross-footing
20. Going Concern Assumption 63. Investing activities
21. Primary Users 64. Investing activities
22. Financial Position 65. Investing activities
23. Solvency 66. Financing activities
24. Financial Performance 67. Financing activities
25. Qualitative characteristics 68. Sales invoice
26. Doctrine of Convenience 69. Bill of lading
27. Notes to FS 70. Statement of account
28. Conservatism 71. Official receipt
29. Don Vicente Fabella 72. Purchases order
30. Elements to FS 73. Credit memorandum
31. Gains 74. Periodic Inventory System
32. Intangible assets 75. Perpetual Inventory System
33. Prior period correction 76. Nature of expense and function of expense
34. Transactions method
35. Net Loss 77. Notes discounting with recourse
36. Net Income 78. With recourse
37. Maturity value 79. Without recourse
38. Public accounting 80. Contingent
39. Going concern 81. Contingent liability
40. Credited 82. Property, Plant and Equipment
41. Debited 83. Relevance and faithful representation
42. FALSE. Conceptual Framework 84. Relevance
85. Prudence 132. Financial position
86. Fundamental Qualitative Characteristics 133. Financial performance
87. Enhancing Qualitative Characteristics 134. R.A. 9298
88. Enhancing Qualitative Characteristics 135. Conceptual framework of Accounting
89. Cost 136. Owners and creditors
90. Assets 137. Identifying
91. Cause and effect association, systematic and 138. Internal transactions
rational allocation, and immediate recognition 139. External transactions
92. Accrual and going concern 140. Measuring
93. Net Assets 141. Summarizing
94. Accruals and deferrals initially recorded in 142. Securities and Exchange Commission (SEC)
income statement accounts 143. BOA; PRC
95. Subsidiary ledger 144. Public Accounting
96. Financing activity 145. Controller
97. Account 146. Private accounting
98. Financial statements 147. Government accounting
99. Particulars column 148. Financial accounting
100. Folio column 149. ASC
101. Promissory note 150. FRSC
102. Nontrade receivables 151. PAS and PFRS
103. Reliability 152. 15
104. Matching principle 153. Philippine Interpretations Committee (PIC)
105. Accounting equation 154. PIC
106. Double-entry system 155. IASB now replaces IASC
107. Recognition 156. IASC
108. Labor unions 157. IFRS
109. Fixed assets 158. E.
110. Trial balance 159. Postulates
111. Mortgage payable 160. Accounting assumptions
112. Post-dated check 161. Cost; market values
113. Consignor 162. Cost; continuity assumption
114. Imprest system 163. Going concern assumption
115. Petty Cash Fund 164. Quantifiability aspect
116. Bank reconciliation 165. Going concern assumption
117. Bank statement 166. Conceptual framework
118. Adjusted balance method 167. Conceptual framework
119. Book to bank method 168. PFRS
120. Bank to book method 169. Conceptual Framework
121. Discounting without recourse 170. C.
122. Principal/Face value 171. Financial Reporting
123. Discount 172. Financial Reporting
124. Consignment 173. Financial Position
125. Specific identification method 174. Financial Performance
126. Trade discounts 175. Financial Performance
127. Cash discounts 176. Jacques Savary
128. Disregarded/not deducted from sales 177. Napoleon Bonaparte
129. AICPA 178. Eugen Schmalenbach
130. ASC 179. Summa de Arithmetica
131. AAA 180. Florentine Approach
181. Venetian Approach 226. accounting entity assumption/ entity concept
182. RA 3105 in 1923 227. completeness
183. Account balance 228. de jure partnership
184. Short-term investments 229. partnership by estoppel
185. General Ledger 230. Financial Statements
186. Special Journal 231. statement of financial position/balance sheet
187. Merchandise Inventory Shrinkage 232. financial accounting
188. Current Ratio 233. systematic and rational allocation
189. Liquidity 234. conceptual framework
190. Cost constraint 235. chart of accounts
191. Irregularity 236. Domestic Corporations
192. Break even 237. income statement / statement of financial
193. Simple entry performance
194. Other operating expenses 238. periodicity concept/time period assumption
195. The needs of the users of the information 239. stability of the peso/stable peso postulate
196. Faithful representation 240. government accounting
197. Comparability 241. private corporation
198. Capital 242. 5
199. Cash 243. relevance
200. Earnings 244. Accounting assumptions/postulates
201. Inventory, end 245. fiscal year
202. Purchase allowance 246. Comparability
203. Shipping terms 247. auditing
204. General ledger 248. private accounting
205. Allowance for Bad Debts 249. FRSC: Financial reporting standards council
206. Real Accounts 250. Eleemosynary Corporation
207. Purchases 251. Board of Accountancy
208. Credit note/memorandum 252. going concern/continuity assumption
209. Lower of Cost and Net Realizable Value (LCNRV) 253. Ledger
210. FIFO; Weighted average 254. Philippine Accountancy Act of 2004
211. FIFO 255. discount/ bank discount
212. Moving average method 256. understandability
213. LIFO 257. verifiability
214. accrual basis/accounting 258. cost/ cost-benefit
215. General Purpose financial statements 259. fluctuating fund system
216. demand deposit 260. right of succession
217. continuing professional education 261. limited partnership
218. partnership at will 262. compensating balance
219. cause and effect association/strict matching 263. stale checks
concept 264. list price/ catalog price
220. Batas Pambansa Blg 68/Corporation Code of the 265. Secret partner
Philippines 266. Silent partner
221. faithful representation 267. Dormant/sleeping partner
222. quantifiability aspect 268. Liquidating partner
223. fundamental qualitative 269. liquidating dividends
characteristics/relevance & faithful 270. wasting assets doctrine
representation 271. accountable/economic events
224. Philippine interpretations committee 272. standard of adequate disclosure
225. balance sheet/ statement of financial position 273. recognition