1. What are the four aspects of Accounting?

2. What are the nature of accounting? Give at least three;

3. It refers to a branch of accounting that deals with the financial transactions of a business.

4. It examines and evaluates financial statements of a company independently.

5. This refers to a branch of accounting that deals with the continuous improvement of the
accountancy field through researches and studies.

6. Enumerate the 8 branches of accounting;

7. What are the forms of business organizations?

8. What are the two types of users of accounting information?

9. Differentiate the internal and external users of accounting;

10. He was considered as the father of modern accounting.

11. The account title that describes money, either in paper or in coins.

12. It refers to a business owned and managed by only one person.

13. Give at least 3 advantages of a sole proprietorship.

14. What are the disadvantages of a sole proprietorship?

15. What is partnership?

16. What is corporation?

17. Give at least three features of a partnership;

18. What is meant by the term “unlimited liability”?

19. Differentiate a retailer and a wholesaler;

20. Cite at least three examples of merchandise companies.

21. How does an operating cycle of a merchandising company differ from that of a service
company?

22. When can we considered that a certain business is under service company?

23. Bruno barbershop is an example of what company?

24. Wellness Spa is an example of what company?

25. What is the fundamental accounting equation?

26. Given assets of Php. 200,000 and liabilities of Php. 85,000. Find the owner’s equity.

27. Given liabilities of Php. 45,000 and the owner’s equity of Php. 100,000. Find the value of
assets.