1.
In a market economy, _________________ helps decision-makers make informed choices
regarding the allocation of scarce resources under their control.
2. ________________ it is a system that measures business activities, processes that information
into reports and communicates the results to decision-makers.
3. ________________ quantifies business communication.
4. ________________ referred to as “the language of business”
5. Accountants can be called ___________________ of the business.
6. Define accounting according to ASC (1983)
7. Define accounting according to AICPA (1953)
8. Define accounting according to AAA (1966)
9. _________________ it is the study of accounting thought, practices and institutions in response
to changes in the environment and social needs.
10. _________________ it is the outcome of continued efforts to meet the changing necessities of
trade.
11. _________________ inventor of double-entry bookkeeping
12. _________________ father of accounting
13. _________________ emerged to meet the need of costing for a large volume of products.
14. _____________________________ it was created through the passage of Reorganization act
no. 1189 dated July 2, 1904
15. ___________________ is a conservative and its about matching efforts and results.
16. ___________________ mainly concerned about improving the amount and timing of collection
17. ___________________ referred to as lifeblood of the government
18. ___________________ this type of business sells people’s time
19. ___________________ type of business where it is focused on buying and selling products
20. ___________________type of business where designing products, aggregating components and
assembling finished products
21. ___________________ type of business which involves growing and extracting raw materials
22. ___________________ type of business focused on selling the utilization of infrastructure.
23. ___________________ type of business where they are using money to provide loans to
borrowers, charging them fees and a higher rate of interest.
24. ___________________ type of business which involves collecting cash from many customers;
investing money to pay losses experienced by few customers
25. ___________________. This business organization has a single owner called the ____________
who is generally the manager
26. ___________________ this business is owned and operated by two or more persons who bind
themselves to contribute money, property, or industry to a common fund, with the intention of
dividing the profits among themselves.
27. ___________________ business owned by the stockholders
28. ___________________ it is an artificial being created by the operation of law, having the rights
of succession and the powers, attributes and properties expressly authorized by law or incident
to its existence.
29. ___________________ this law seek to address problems faced by MSMEs, particularly lack of
capital and access to credit. (8% to micro and small & 2% to medium)
30. ___________________ refers to enterprises with assets before financing, of P3M or less and
employ not more than 9 workers.
31. ___________________ refers to enterprises with assets, before financing above P3M -P15M
and employ 10-99 workers
32. ___________________ refers to enterprises with assets, before financing, of above P15M
-P100M and employ 100-199 workers
Activities in Business Organization
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36. ___________________ these are the methods an organization uses to obtain financial resources
from financial markets and how it manages these resources
37. ___________________ transforms resources from one form to a different form, which is more
valuable.
38. ___________________ is one that provides goods and services at low costs relative to their
selling prices
39. ___________________ is one that is successful in providing goods and services demanded by
the customers
40. ___________________ includes buying land, equipment, buildings and other resources that are
needed in the operation of the business, and selling these resources when they are no longer
needed
41. ___________________ use of resources to design, produce, distribute, and market goods and
services.
Phases of Accounting
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46. ___________________ the book where all transactions are recorded.
47. ___________________ entries a re recorded in chronological order and in narrative form
48. ___________________ it is the alphabetical listing of all business’ accounts along with the
running balance or each particular account.
49. ___________________ concerned with the supply of information to the owners of an entity
50. ___________________ concerned with the supply of information to the managers of an entity
Fundamental Concepts
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55. ___________________ encompass the conventions, rules and procedures necessary to define
accepted accounting practice at a particular time
56. A principle is ___________________ to the extent that it results in information that is
meaningful and useful to those who need to know something about a certain organization
57. A principle has ___________________ to the extent that the resulting information is not
influenced by the personal bias or judgment of those who furnish it.
58. Objectivity connotes ______________, _________________, ___________________
59. A principle has ___________________ to the extent that it can be implemented without undue
complexity or cost.
7 Basic Principles
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67. Republic Act. 9298 also known as ___________________
Subjects included in the Examination of CPALE
68 69 70
71 72 73
74. ___________________ the new standard-setting body of accounting
