JUNIOR PHILIPPINE INSTITUTE OF ACCOUNTANTS - CLSU

BASIC ACCOUNTING THEORIST

1. Capital came from the Latin word which means property.
2. This accounting process is the assigning of peso amounts to the accountable economic event.
3. He is a Franciscan friar and a celebrated mathematician who introduced the double-entry bookkeeping.
4. It is an alphabetical listing of all the business accounts along with the running balance of each particular
account.
5. A is an artificial being created by operation of law having the rights of succession, powers, and
attributes incident to its existence.
6. It is the normal balance of depreciation expense.
7. It is the normal balance of accrued expense.
8. This involves developing the ability of CPAs to work in groups and being a team player.
9. It is concerned with right and wrong and how conduct should be judged to be good or bad.
10. A person who is employed by a large household or estate to manage domestic concerns.
11. It is a program which deals with one particular part of a business accounting system
12. It refers to a series of sequential steps or procedures performed to accomplish the accounting process.
13. It is the starting points in the accounting cycle.
14. It is the adding of all the debits and credits.
15. It is the transferring of the amounts from the general journal to appropriate accounts in the ledger.
16. The most basic tool of accounting
17. is the occurrence of an event or a condition that affects financial position and can be
reliably recorded.
18. It identifies and describes transactions and events entering in the accounting process.
19. This principle states that the acquired assets should be recorded at their actual cost and not at what
management thinks they are worth as at reporting date.
20. This branch of accounting incorporates cost accounting data and adapts them for specific decisions which
management may be called upon to make.
21. This activity involves the use of resources to design, produce, distribute, and market goods and services.
22. The end product or main output of the financial accounting process.
23. A is a component of financial statements summarizing the operating, investing and financing
activities of an entity.
24. It is the amount that the asset can probably be sold for at the end of its estimated useful life.
25. It arises in the course of the ordinary activities of an entity and is referred to by a variety of different names
including sales, fees, interest, dividends, royalties and rent
26. It refers to the side of the account-debit or credit- where increases are recorded
27. The amount of receivables estimated to be doubtful of collection and charged as expense during
accounting period
28. It refers to the availability of cash in the near future after taking account of the financial commitments over
the period.
29. A is used to record reductions in a related account and its normal balance is opposite that
of the related account.
30. It is the postponement of the recognition of an expense already paid but not yet incurred or of revenue
already collected but not yet earned


ANSWER KEY:

1. Capitalis
2. Measuring
3. Luca Pacioli
4. Ledger
5. Corporation
6. Debit
7. Credit
8. Interpersonal
9. Ethics
10. Steward
11. Module
12. Accounting Cycle
13. Transactions and Events
14. Footing
15. Posting
16. Accounting Equation
17. Business Transaction
18. Source Documents
19. Historical Cost
20. Management Accounting
21. Operating Activities
22. Financial Statements
23. Statement of cash flows
24. Estimated Salvage Value
25. Revenue
26. Normal balance
27. Uncollectible Accounts Expense
28. Liquidity
29. Contra account
30. Deferral