1. Monetary Unit assumes that only transactions that can be expressed in terms of _________________ are recorded.
2. Accounting process includes analyzing, classifying, _________________, summarizing, _________________, and presenting of financial information.
3. In manufacturing business, the manufacturer buys the _________________ materials to create output or finished product.
4. Assets are equal to _________________ and owner’s equity.
5. _________________ consists of the owner’s investments and other net assets which increase equity or company’s revenue.
6. Accounting is the _________________ of the business. 7. _________________ is an accounting principle that matches expenses with associated revenues in the period in which the revenues were generated.
8. This consists a common set of standards developed by accounting professionals and is used to guide preparers of financial statements reports on economic events. _________________
9. Assets are considered economic resources that are expected to _________________ the business in the future.
10. This requires business transactions to have supporting documentation for unbiased accounting information. _________________
11. Cost Accounting focuses on evaluating the _________________ and considering all operational expenses.
12. A sole proprietorship _________________ (is owned by) / (employs) only one person. Choose one. 13. _________________ are the people outside the organization who use the accounting information for different purposes.
14. In accounting, a check is considered as _________________. 15. ___________________ is an asset that pertains to any amount owed by customers for the delivered service made on credit.
Pls po pasagot
2. Accounting process includes analyzing, classifying, _________________, summarizing, _________________, and presenting of financial information.
3. In manufacturing business, the manufacturer buys the _________________ materials to create output or finished product.
4. Assets are equal to _________________ and owner’s equity.
5. _________________ consists of the owner’s investments and other net assets which increase equity or company’s revenue.
6. Accounting is the _________________ of the business. 7. _________________ is an accounting principle that matches expenses with associated revenues in the period in which the revenues were generated.
8. This consists a common set of standards developed by accounting professionals and is used to guide preparers of financial statements reports on economic events. _________________
9. Assets are considered economic resources that are expected to _________________ the business in the future.
10. This requires business transactions to have supporting documentation for unbiased accounting information. _________________
11. Cost Accounting focuses on evaluating the _________________ and considering all operational expenses.
12. A sole proprietorship _________________ (is owned by) / (employs) only one person. Choose one. 13. _________________ are the people outside the organization who use the accounting information for different purposes.
14. In accounting, a check is considered as _________________. 15. ___________________ is an asset that pertains to any amount owed by customers for the delivered service made on credit.
Pls po pasagot
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Explanation:
1 ) A Currency
) A Currency2 ) Financial Transaction
) A Currency2 ) Financial Transaction3 ) Direct Material
) A Currency2 ) Financial Transaction3 ) Direct Material4 ) Sum of its Liability
) A Currency2 ) Financial Transaction3 ) Direct Material4 ) Sum of its Liability5 ) Raising profit, increasing sales,and Lowering Expenses
) A Currency2 ) Financial Transaction3 ) Direct Material4 ) Sum of its Liability5 ) Raising profit, increasing sales,and Lowering Expenses6 ) Financial Account
) A Currency2 ) Financial Transaction3 ) Direct Material4 ) Sum of its Liability5 ) Raising profit, increasing sales,and Lowering Expenses6 ) Financial Account7 ) Matching Principal
) A Currency2 ) Financial Transaction3 ) Direct Material4 ) Sum of its Liability5 ) Raising profit, increasing sales,and Lowering Expenses6 ) Financial Account7 ) Matching Principal8 ) don't know
) A Currency2 ) Financial Transaction3 ) Direct Material4 ) Sum of its Liability5 ) Raising profit, increasing sales,and Lowering Expenses6 ) Financial Account7 ) Matching Principal8 ) don't know9 ) Increase a firm's value or benefits of the firm's operation
) A Currency2 ) Financial Transaction3 ) Direct Material4 ) Sum of its Liability5 ) Raising profit, increasing sales,and Lowering Expenses6 ) Financial Account7 ) Matching Principal8 ) don't know9 ) Increase a firm's value or benefits of the firm's operation10 ) don't know
) A Currency2 ) Financial Transaction3 ) Direct Material4 ) Sum of its Liability5 ) Raising profit, increasing sales,and Lowering Expenses6 ) Financial Account7 ) Matching Principal8 ) don't know9 ) Increase a firm's value or benefits of the firm's operation10 ) don't know11 ) don't know
) A Currency2 ) Financial Transaction3 ) Direct Material4 ) Sum of its Liability5 ) Raising profit, increasing sales,and Lowering Expenses6 ) Financial Account7 ) Matching Principal8 ) don't know9 ) Increase a firm's value or benefits of the firm's operation10 ) don't know11 ) don't know12 ) sole proprietor
) A Currency2 ) Financial Transaction3 ) Direct Material4 ) Sum of its Liability5 ) Raising profit, increasing sales,and Lowering Expenses6 ) Financial Account7 ) Matching Principal8 ) don't know9 ) Increase a firm's value or benefits of the firm's operation10 ) don't know11 ) don't know12 ) sole proprietor13 ) External users
) A Currency2 ) Financial Transaction3 ) Direct Material4 ) Sum of its Liability5 ) Raising profit, increasing sales,and Lowering Expenses6 ) Financial Account7 ) Matching Principal8 ) don't know9 ) Increase a firm's value or benefits of the firm's operation10 ) don't know11 ) don't know12 ) sole proprietor13 ) External users14 ) Assets
) A Currency2 ) Financial Transaction3 ) Direct Material4 ) Sum of its Liability5 ) Raising profit, increasing sales,and Lowering Expenses6 ) Financial Account7 ) Matching Principal8 ) don't know9 ) Increase a firm's value or benefits of the firm's operation10 ) don't know11 ) don't know12 ) sole proprietor13 ) External users14 ) Assets15 ) Account Receivable