Final Quiz II Fundamentals of Accounting 1

Accounting is an art of?

• Recording

• Classifying

• Summarizing

• Interpreting

What do we record in recording?

• Business Transaction

• Journal Entry

• Transaction

Where are we going to write the business transaction?

• Manual

• Looseleaf

• Computerized

Where we input the business transactions?

• Manual

• Looseleaf

• Computerized

The owner of the company pay subscriptions when using this software

• Manual

• Looseleaf

• Computerized

What do VAT Taxpayers submit to the BIR?

• General Journal and General Ledger

• Sales Journal and Purchase Journal

• Cash Receipt Journal and Cash Disbursement Journal

What do VAT Non-Taxpayers submit to the BIR?

• General Journal and General Ledger

• Sales Journal and Purchase Journal

• Cash Receipt Journal and Cash Disbursement Journal

Record cash sales and/or collection of receivables

• Sales Journal

• Purchase Journal

• Cash Receipt Journal

• Cash Disbursement Journal

Record cash payments of expenses and/or payables

• Sales Journal

• Purchase Journal

• Cash Receipt Journal

• Cash Disbursement Journal

Record sales on credit (receivables from customer)

• Sales Journal

• Purchase Journal

• Cash Receipt Journal

• Cash Disbursement Journal