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and is a current asset. True False
Cash receipts from customers is P200,000, cash paid to suppliers is P10,000 and cash paid to employees is P25,000, how much is the net cash from operating activities. a. P190,000 b. P165,000 c. Cannot be determined from the data given d. P175,000
The cost accountant handles Management Accounting. True False
Stockholders are the owners of a corporation. True False
Accounting is defined in part as the art of ____________, ___________, and ____________ in a significant manner and in terms of money, transactions and events. a. journalizing, synthesizing, reporting b. processing, computing, finalizing c. recording, classifying, summarizing d. analyzing, evaluating, assessing
Cash basis accounting relies entirely on the payment and receipt of cash. True False
Liabilities are company's obligations. True False
It is a voluntary association of at least 15 persons having a common bond of interest for the purpose of generating capital from among themselves through a systematic and continuous savings program in order to grant loans to each other at reasonable rates of interest. a. single proprietorship b. corporation c. partnership d. cooperative
Investments made by the owner may represent the original investment made at the start of business, and any additional investments thereafter. True False
Sole proprietorships mostly managed by their owners. True False
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