The Accountant's Challenge!

Primary users of financial information who are inside the reporting entity and are directly involved in managing the company's daily operations.

• Community users

• Internal users

• External users

• Group users

It is a type of principle that is expected to continue the business

• Going concern principle

• Accrual accounting principle

• Merchandising

• Materiality principle

Income should be recognized at the time it is earned such as when goods are delivered or when services have been rendered.

• Accrual Principle

• Matching principle

• Monetary Unit Principle

• Objectivity Principle

______ also called trading is a business that engage in the buying of goods/merchandise which will be sold (in their original form) at a higher price than the purchase cost.

• Merchandise

• Purchases

• Sale

• Investment

When the merchandise is sold ( at a higher price than the purchase cost), the account is used to record the revenue.

• Merchandise

• Purchases

• Sales

• Investment

Who is known as the father of Accounting?

• Hugo Munsterberg

• Luca Pacioli

• Archimedes

• Albert Einstein

Which of the following is a non-current asset?

• Cash

• Accounts receivable

• Buildings

• Supplies

It is the continuous reduction of the value of property or asset.

• Increase of stocks

• Decrease of stocks

• Inflation

• Depreciation

What does A.L.C.R.E stand for?

• Asset, Livelihood,Capital,Revenue,Expense

• Asset, Liability,Costumer, Revenue,Equity

• Asset, Liability, Capital, Revenue, Expense

• Annual, Life, Consumer, Resort, Experience

They are what business owes.They are the opposite of assets, which are what a business owns.

• Liabilities

• Assets

• Capital

• Revenue