Name: ____________________________________Schedule: _________________

1. Accounting – the art of recording, classifying, and summarizing in a significant manner and
in terms of money, transactions and events which are, in part at least, of financial character, and
interpreting the results thereof.
2. Accounting Equation – a financial equation described as Assets = Liabilities + Owner’s
Equity.
3. Accrual – a basis in accounting that means income is recognized when earned regardless of
when received and expense is recognized when incurred regardless of when paid.
4. Additional Paid in Capital – the capital contributed by the stockholders in excess of the par
or stated value of the stock subscribed and issued.
5. Assets – a resource controlled by the entity as a result of past events and from which future
economic benefits are expected to flow to the entity
6. Balance sheet (Statement of Financial Position) – is one of the major components of a
complete set of financial statements. The balance sheet reports the assets, liabilities, and
owner’s (stockholders’) equity at a specific point in time, such as December 31.
7. Capital Stock – the portion of the paid in capital representing the total par or stated value of
the shares of stock issued.
8. Cash Basis – an accounting method in which revenue is recognized when received
regardless of when earned. All collections are treated as revenue and there are no accruals and
deferrals.
9. Cash Flow Statement –It reports the sources and uses of cash and cash equivalents by
operating activities, investing activities, financing activities, and certain supplemental information
for the period specified in the heading of the statement.
10. Cash and Cash Equivalents – comprise cash on hand and demand deposits, together with
short-term, highly liquid investments that are readily convertible to a known amount of cash, and
that are subject to an insignificant risk of changes in value.
11. Current Assets – assets held for collection, sale, or consumption within the entity’s normal
operating cycle; or assets held for trading within the next 12 months. All other assets are
noncurrent.
12. Current Liabilities – are those to be settled within the entity’s normal operating cycle or due
within 12 months, or those held for trading, or those for which the entity does not have an
unconditional right to defer payment beyond 12 months.
13. Equity – the owners’ interest on the assets of the enterprise after deducting all its liabilities
14. Expense– a decrease in economic benefits during the accounting period in the form of
outflows or depletions of assets or incurrence of liabilities that result in decreases in equity,
other than those relating to distributions to equity participants.
15. Financial Statements – are the means by which the information accumulated and
processed in financial accounting is periodically communicated to the users which include
balance sheet (statement of financial position), income statement (statement of comprehensive
income), statement of changes in equity and the notes accompanying the financial statements.
16. Financing Activities – are activities that alter the equity capital and borrowing structure of
the entity.
17. Income – an increase in economic benefits during the accounting period in the form of
inflows or enhancements of assets or decreases of liabilities that result in an increase in equity,
other than those relating to contributions from equity participants.
18. Income Statement –reports the revenues, gains, expenses, losses, net income and other
totals for the period of time shown in the heading of the statement.
19. Intangible Asset – an identifiable nonmonetary asset without physical substance.
20. Investing Activities – the acquisition and disposal of long-term assets and other
investments that are not considered to be cash equivalents.
21. Liabilities – a present obligation of the enterprise arising from past events, the settlement of
which is expected to result in an outflow from the enterprise of resources embodying economic
benefits
22. Operating Activities – the main revenue-producing activities of the entity that are not
investing or financing activities, so operating cash flows include cash received from customers
and cash paid to suppliers and employees
23. Property, Plant and Equipment – tangible assets which are held by an enterprise for use
in production or supply of goods and services or for administrative purposes, and are expected
to be used during more than one year.
24. Retained Earnings – Represents cumulative net earnings not paid out as dividends, but
retained by the company to be reinvested in its core business or to pay debt. It is recorded
under shareholders’ equity on the balance sheet or statement of financial position. Retained
earnings can be unappropriated (unrestricted) or appropriated (restricted) for a certain purpose
and not available for any dividend declarations.
25. Stockholders’ Equity – the residual interest of owners in the assets of a corporation
measured by the excess of assets over liabilities.
26. Land – non depreciable asset.
27. Special assessments - taxes paid by the landowner as a contribution to the cost of public
improvements.
28. Patterns and dies – are those used in designing for forging out a particular product.
29. Delivery Equipment – cars, trucks and other vehicles used in business operations.
30. Returnable containers – include bottles, boxes, tanks, drums, barrels, and similar items
which are returned to the seller by the buyer when the contents are consumed or used.
31. Additions are modifications or alterations which increase the physical size or capacity of the
asset by way of expenditures on an entirely new unit or an expansion, enlargement or extension
of the old asset.
32. improvements- represent replacement of an asset or part thereof with one of a better or
superior quality
33. Replacement – substitution but the new asset is not better than the old asset when
acquired.
34. maintenance – keeps the asset in good condition
35. depreciation – systematic allocation of cost
36. rearrangement cost – relocation or reinstallation of an asset which proves to be less
efficient in its original location.
37. government grant – subsidy, subvention, or premium by government in the form of transfer
of resources to an entity.
38. borrowing cost – interest and other costs than an entity incurs in connection with borrowing
of funds.
39. qualifying asset – an asset that necessarily takes substantial period of time to get ready for
its intended use or sale.
40. specific borrowing – funds borrowed specifically for the purpose of acquiring a qualifying
asset.
41. general borrowing – funds borrowed generally and used for acquiring a qualifying asset.
42. exchange – transfer that involves non-monetary assets.

43. Accounts receivable- The amount of money owed by customers or clients to a business
after goods or services have been delivered and/or used.

44. Accounts payable - The amount of money a company owes creditors (suppliers, etc.) in
return for goods and/or services they have delivered.

45. Cost of goods sold The direct expenses related to producing the goods sold by a
business.

46. land improvements – depreciable assets and are presented separately from land.

47. tools – used in connection with the operation of the machine. Example are drills and
punches.

48. Repairs – may be classified as extraordinary or ordinary.

49. Non- Current Assets – assets held for collection, sale, or consumption outside the entity’s
normal operating cycle; or assets held for trading beyond the next 12 months.

50. Current Liabilities – are those to be settled outside the entity’s normal operating cycle or
due beyond 12 months.
Name: ____________________________________Schedule: _________________
1. ___________________ - the residual interest of owners in the assets of a corporation
measured by the excess of assets over liabilities.
2. ___________________- non depreciable asset.
3. ___________________- a basis in accounting that means income is recognized when
earned regardless of when received and expense is recognized when incurred regardless of
when paid.
4. ___________________- taxes paid by the landowner as a contribution to the cost of public
improvements.
5. ___________________- are those used in designing for forging out a particular product.
6. ___________________ - the capital contributed by the stockholders in excess of the par or
stated value of the stock subscribed and issued.
7. ___________________ - a resource controlled by the entity as a result of past events and
from which future economic benefits are expected to flow to the entity
8. ___________________- cars, trucks and other vehicles used in business operations.
9. ___________________ - are the means by which the information accumulated and
processed in financial accounting is periodically communicated to the users which include
balance sheet (statement of financial position), income statement (statement of comprehensive
income), statement of changes in equity and the notes accompanying the financial statements.
10. ___________________ - include bottles, boxes, tanks, drums, barrels, and similar items
which are returned to the seller by the buyer when the contents are consumed or used.
11. ___________________ - are modifications or alterations which increase the physical size
or capacity of the asset by way of expenditures on an entirely new unit or an expansion,
enlargement or extension of the old asset.
12. ___________________ - represent replacement of an asset or part thereof with one of a
better or superior quality
13. ___________________ - the art of recording, classifying, and summarizing in a significant
manner and in terms of money, transactions and events which are, in part at least, of financial
character, and interpreting the results thereof.
14. ___________________ - a financial equation described as Assets = Liabilities + Owner’s
Equity.
15. ___________________ - is one of the major components of a complete set of financial
statements. The balance sheet reports the assets, liabilities, and owner’s (stockholders’) equity
at a specific point in time, such as December 31.
16. ___________________ - the portion of the paid in capital representing the total par or
stated value of the shares of stock issued.
17. ___________________- an accounting method in which revenue is recognized when
received regardless of when earned. All collections are treated as revenue and there are no
accruals and deferrals.
18. ___________________-It reports the sources and uses of cash and cash equivalents by
operating activities, investing activities, financing activities, and certain supplemental information
for the period specified in the heading of the statement.
19. ___________________ - comprise cash on hand and demand deposits, together with short-
term, highly liquid investments that are readily convertible to a known amount of cash, and that
are subject to an insignificant risk of changes in value.
20. ___________________- assets held for collection, sale, or consumption within the entity’s
normal operating cycle; or assets held for trading within the next 12 months. All other assets are
noncurrent.
21. ___________________- are those to be settled within the entity’s normal operating cycle or
due within 12 months, or those held for trading, or those for which the entity does not have an
unconditional right to defer payment beyond 12 months.
22. ___________________- the owners’ interest on the assets of the enterprise after deducting
all its liabilities
23. ___________________- a decrease in economic benefits during the accounting period in
the form of outflows or depletions of assets or incurrence of liabilities that result in decreases in
equity, other than those relating to distributions to equity participants.

24. ___________________-The amount of money owed by customers or clients to a business

after goods or services have been delivered and/or used.

25. ___________________-The amount of money a company owes creditors (suppliers, etc.) in

return for goods and/or services they have delivered.

26. ___________________-the direct expenses related to producing the goods sold by a

business.

27. ___________________– are activities that alter the equity capital and borrowing structure of
the entity.
28. ___________________– an increase in economic benefits during the accounting period in
the form of inflows or enhancements of assets or decreases of liabilities that result in an
increase in equity, other than those relating to contributions from equity participants.
29. ___________________–reports the revenues, gains, expenses, losses, net income and
other totals for the period of time shown in the heading of the statement.
30. ___________________– an identifiable nonmonetary asset without physical substance.
31. ___________________– the acquisition and disposal of long-term assets and other
investments that are not considered to be cash equivalents.
32. ___________________– a present obligation of the enterprise arising from past events, the
settlement of which is expected to result in an outflow from the enterprise of resources
embodying economic benefits
33. ___________________– the main revenue-producing activities of the entity that are not
investing or financing activities, so operating cash flows include cash received from customers
and cash paid to suppliers and employees
34. ___________________ – tangible assets which are held by an enterprise for use in
production or supply of goods and services or for administrative purposes, and are expected to
be used during more than one year.
35. ___________________ – Represents cumulative net earnings not paid out as dividends,
but retained by the company to be reinvested in its core business or to pay debt. It is recorded
under shareholders’ equity on the balance sheet or statement of financial position.
36. ___________________– substitution but the new asset is not better than the old asset
when acquired.
37. ___________________– keeps the asset in good condition
38. ___________________ – systematic allocation of cost
39. ___________________ – relocation or reinstallation of an asset which proves to be less
efficient in its original location.
40. ___________________ – subsidy, subvention, or premium by government in the form of
transfer of resources to an entity.
41. ___________________ – interest and other costs than an entity incurs in connection with
borrowing of funds.
42. ___________________ – an asset that necessarily takes substantial period of time to get
ready for its intended use or sale.
43. ___________________ – funds borrowed specifically for the purpose of acquiring a
qualifying asset.

44. ___________________ – used in connection with the operation of the machine. Example
are drills and punches.

45. ___________________ – may be classified as extraordinary or ordinary.

46. ___________________ – assets held for collection, sale, or consumption outside the
entity’s normal operating cycle; or assets held for trading beyond the next 12 months.

47. ___________________ – are those to be settled outside the entity’s normal operating cycle
or due beyond 12 months.

48. ___________________ – funds borrowed generally and used for acquiring a qualifying
asset.
49. ___________________ – transfer that involves non-monetary assets.

50. ___________________ – depreciable assets and are presented separately from land.

Name: ____________________________________Schedule: _________________

1. ___________________ - the art of recording, classifying, and summarizing in a significant
manner and in terms of money, transactions and events which are, in part at least, of financial
character, and interpreting the results thereof.
2. ___________________ - a financial equation described as Assets = Liabilities + Owner’s
Equity.
3. ___________________ - is one of the major components of a complete set of financial
statements. The balance sheet reports the assets, liabilities, and owner’s (stockholders’) equity
at a specific point in time, such as December 31.
4. ___________________– are activities that alter the equity capital and borrowing structure of
the entity.
5. ___________________– an increase in economic benefits during the accounting period in
the form of inflows or enhancements of assets or decreases of liabilities that result in an
increase in equity, other than those relating to contributions from equity participants.
6. ___________________–reports the revenues, gains, expenses, losses, net income and other
totals for the period of time shown in the heading of the statement.
7. ___________________– an identifiable nonmonetary asset without physical substance.
8. ___________________– the acquisition and disposal of long-term assets and other
investments that are not considered to be cash equivalents.
9. ___________________ - represent replacement of an asset or part thereof with one of a
better or superior quality
10. ___________________– a present obligation of the enterprise arising from past events, the
settlement of which is expected to result in an outflow from the enterprise of resources
embodying economic benefits
11. ___________________– the main revenue-producing activities of the entity that are not
investing or financing activities, so operating cash flows include cash received from customers
and cash paid to suppliers and employees
12. ___________________ – tangible assets which are held by an enterprise for use in
production or supply of goods and services or for administrative purposes, and are expected to
be used during more than one year.
13. ___________________ – Represents cumulative net earnings not paid out as dividends,
but retained by the company to be reinvested in its core business or to pay debt. It is recorded
under shareholders’ equity on the balance sheet or statement of financial position.
14. ___________________– substitution but the new asset is not better than the old asset
when acquired.
15. ___________________– keeps the asset in good condition
16. ___________________ – systematic allocation of cost
17. ___________________ – relocation or reinstallation of an asset which proves to be less
efficient in its original location.
18. ___________________ – subsidy, subvention, or premium by government in the form of
transfer of resources to an entity.
19. ___________________ – interest and other costs than an entity incurs in connection with
borrowing of funds.
20. ___________________ – an asset that necessarily takes substantial period of time to get
ready for its intended use or sale.
21. ___________________ – funds borrowed specifically for the purpose of acquiring a
qualifying asset.

22. ___________________ – used in connection with the operation of the machine. Example
are drills and punches.

23. ___________________ - the portion of the paid in capital representing the total par or
stated value of the shares of stock issued.
24. ___________________- an accounting method in which revenue is recognized when
received regardless of when earned. All collections are treated as revenue and there are no
accruals and deferrals.
25. ___________________-It reports the sources and uses of cash and cash equivalents by
operating activities, investing activities, financing activities, and certain supplemental information
for the period specified in the heading of the statement.
26. ___________________ - comprise cash on hand and demand deposits, together with short-
term, highly liquid investments that are readily convertible to a known amount of cash, and that
are subject to an insignificant risk of changes in value.
27. ___________________ - the residual interest of owners in the assets of a corporation
measured by the excess of assets over liabilities.
28. ___________________- non depreciable asset.
29. ___________________- a basis in accounting that means income is recognized when
earned regardless of when received and expense is recognized when incurred regardless of
when paid.
30. ___________________- taxes paid by the landowner as a contribution to the cost of public
improvements.
31. ___________________- assets held for collection, sale, or consumption within the entity’s
normal operating cycle; or assets held for trading within the next 12 months. All other assets are
noncurrent.
32. ___________________- are those to be settled within the entity’s normal operating cycle or
due within 12 months, or those held for trading, or those for which the entity does not have an
unconditional right to defer payment beyond 12 months.
33. ___________________- the owners’ interest on the assets of the enterprise after deducting
all its liabilities
34. ___________________- a decrease in economic benefits during the accounting period in
the form of outflows or depletions of assets or incurrence of liabilities that result in decreases in
equity, other than those relating to distributions to equity participants.
35. ___________________-The amount of money owed by customers or clients to a business
after goods or services have been delivered and/or used.

36. ___________________-The amount of money a company owes creditors (suppliers, etc.) in

return for goods and/or services they have delivered.

37. ___________________-the direct expenses related to producing the goods sold by a

business.

38. ___________________ – may be classified as extraordinary or ordinary.

39. ___________________ – assets held for collection, sale, or consumption outside the
entity’s normal operating cycle; or assets held for trading beyond the next 12 months.
40. ___________________ – are those to be settled outside the entity’s normal operating cycle
or due beyond 12 months.
41. ___________________ – funds borrowed generally and used for acquiring a qualifying
asset.
42. ___________________ – transfer that involves non-monetary assets.
43. ___________________ – depreciable assets and are presented separately from land.
44. ___________________- are those used in designing for forging out a particular product.
45. ___________________ - the capital contributed by the stockholders in excess of the par or
stated value of the stock subscribed and issued.
46. ___________________ - a resource controlled by the entity as a result of past events and
from which future economic benefits are expected to flow to the entity
47. ___________________- cars, trucks and other vehicles used in business operations.
48. ___________________ - are the means by which the information accumulated and
processed in financial accounting is periodically communicated to the users which include
balance sheet (statement of financial position), income statement (statement of comprehensive
income), statement of changes in equity and the notes accompanying the financial statements.
49. ___________________ - include bottles, boxes, tanks, drums, barrels, and similar items
which are returned to the seller by the buyer when the contents are consumed or used.
50. ___________________ - are modifications or alterations which increase the physical size
or capacity of the asset by way of expenditures on an entirely new unit or an expansion,
enlargement or extension of the old asset.

Class Schedule: ______________________________________________________________

Accounting
Accounting Equation
Accrual
Additional Paid In Capital
Assets
Balance Sheet
Capital Stock
Cash Basis
Cash Flow Statement
Cash And Cash Equivalents
Current Assets
Current Liabilities
Equity
Expense
Financial Statements
Financing Activities
Income
Income Statement
Intangible Asset
Investing Activities
Liabilities
Operating Activities
Property, Plant And Equipment
Retained Earnings
Stockholders’ Equity
Land
Special Assessments
Patterns And Dies
Delivery Equipment
Returnable Containers
Additions
Improvements
Replacement
Maintenance
Depreciation
Rearrangement Cost
Government Grant
Borrowing Cost
Qualifying Asset
Specific Borrowing
General Borrowing
Exchange
Accounts Receivable
Accounts Payable
Cost Of Goods Sold
Land Improvements
Tools
Repairs
Non- Current Assets
Current Liabilities
Class Schedule: ______________________________________________________________
Accounting
Accounting Equation
Accrual
Additional Paid In Capital
Assets
Balance Sheet
Capital Stock
Cash Basis
Cash Flow Statement
Cash And Cash Equivalents
Current Assets
Current Liabilities
Equity
Expense
Financial Statements
Financing Activities
Income
Income Statement
Intangible Asset
Investing Activities
Liabilities
Operating Activities
Property, Plant And Equipment
Retained Earnings
Stockholders’ Equity
Land
Special Assessments
Patterns And Dies
Delivery Equipment
Returnable Containers
Additions
Improvements
Replacement
Maintenance
Depreciation
Rearrangement Cost
Government Grant
Borrowing Cost
Qualifying Asset
Specific Borrowing
General Borrowing
Exchange
Accounts Receivable
Accounts Payable
Cost Of Goods Sold
Land Improvements
Tools
Repairs
Non- Current Assets
Current Liabilities
Accounting Operating Activities
Accounting Equation Property, Plant And Equipment
Accrual Retained Earnings
Additional Paid In Capital Stockholders’ Equity
Assets Land
Balance Sheet Special Assessments
Capital Stock Patterns And Dies
Cash Basis Delivery Equipment
Cash Flow Statement
Returnable Containers
Cash And Cash Equivalents
Additions
Current Assets
Improvements
Current Liabilities
Replacement
Equity
Maintenance
Expense
Depreciation
Financial Statements
Financing Activities Rearrangement Cost

Income Government Grant

Income Statement Borrowing Cost

Intangible Asset Qualifying Asset
Investing Activities Specific Borrowing
Liabilities General Borrowing
Exchange Land Improvements

Accounts Receivable Tools

Accounts Payable Repairs

Cost Of Goods Sold Non- Current Assets

Current Liabilities