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  • Activity #1 TLE 10

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    Kathryna Zamosa
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    The document provides a list of 10 questions to identify common accounting terms. The questions ask about the calendar and fiscal year, chart of accounts, accounting period, income statement, general ledger, debit and credit entries, journal, and invoice. An enumeration is also provided to categorize the types of current assets, non-current assets, current liabilities, non-current liabilities, and capital.

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    The document provides a list of 10 questions to identify common accounting terms. The questions ask about the calendar and fiscal year, chart of accounts, accounting period, income statement, general ledger, debit and credit entries, journal, and invoice. An enumeration is also provided to categorize the types of current assets, non-current assets, current liabilities, non-current liabilities, and capital.

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    6 views1 page

    Activity #1 TLE 10

    Uploaded by

    Kathryna Zamosa
    The document provides a list of 10 questions to identify common accounting terms. The questions ask about the calendar and fiscal year, chart of accounts, accounting period, income statement, general ledger, debit and credit entries, journal, and invoice. An enumeration is also provided to categorize the types of current assets, non-current assets, current liabilities, non-current liabilities, and capital.

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    © All Rights Reserved
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    of 1

    September 27, 2022

    Activity #1

    Directions: Identify the following questions.

    1. What is a 12-month period commencing in January and ending in December of the current year
    is a commonly assumed time frame?
    2. What is a list of all the account titles being used by a business entity for the purpose of classifying
    its transactions?
    3. It is defined as the time frame assumed by a business entity as its period of recording the
    transaction related to business operations, which could either be a calendar or fiscal year.
    4. What is a 12-month period commencing and end according to the months that are most beneficial
    and appropriate for the business?
    5. What is a financial statement that shows you the company's income and expenditures?
    6. What is referred as the book of accounts, because it contains the entire collection of transactions
    recorded under appropriate account titles, in which the debit and credit entries are posted
    accordingly?
    7. What is the entity to increase a possession or assets?
    8. What is the entity to reduce or to decrease the values of an asset?
    9. What serves as the record book for all accounting entries before such entries will be posted to
    the general ledger?
    10. What contains details of a specific transaction that involves the transfer of goods or rendering of
    services in exchange for a specific amount of money?

    Enumeration:

    1-8 what are the types of current assets

    9-11 what are the types of non-current assets

    12-15 what are the types of current liabilities

    16-17 what are the types of non-current liabilities

    18-19 types of capital

    20. (Bonus Point) Who is the Principal of NCBA Taytay branch?

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