Please help me with this. Thank you! 1.is the phase of accounting wheretransactions are analyzed whether accountable ornon-accountable events.2.is a form of organization whose ownersare personally liable for the debts incurred by thebusiness.3.is a form of business organizationwhose owners are not liable for debts of the business.is an information system thatmeasures, processes and communicates financialinformation about an economic entity.4.Company ABC obtained loan from Metrobankcompany to finance plant expansion. This is anexample of5.type of business activities.6.Collected the accounts of the customer andpayment of account to supplier is an example oftype of business activities.Constructed a building for the factory is anexample of7.type of business activities.It is an independent examination that ensures thefairness and reliability of the reports that managementsubmits to users, this branch is called,8.Mr. Reyes invested cash into his business toengage in repair shop, is an example oftype of business activities.9.10. An organization in Asia that envisioned a stable,prosperous and highly competitive economic regionis called11. An ancient law that requires merchants to givebuyers a sealed memorandum containing theagreed price( in the present times this is the BIRCode) is called 12. The accountant of primitive age is called13. Who invented the double-entry bookkeeping?14. It is during this time where Corporations wereestablished and the factory system was used tocreate products.15. Group of businessmen whose assets is P3m or lessis called16. Returned of defective items to the supplier is anexample of17. Paid salaries and taxes of the business is antype of business activitiesexample of18.omitting or misstating this information couldinfluence users of the financial statements.type of business activities.an accounting principles which states that19. An accounting principles that states that similaritems should receive a similar accounting treatmentis called20. What accounting concept that should be consideredwhen an owner of a business takes goods frominventory for his personal use21. This is a principle in accounting that support thepractice of recording an asset based on the amountactually paid and not what the management thinksis

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1. is the phase of accounting where transactions are analyzed whether accountable or non-accountable events. 2. is a form of organization whose owners are personally liable for the debts incurred by the business. is a form of business organization whose owners are not liable for debts of the business. 3.

1. is the phase of accounting where transactions are analyzed whether accountable or non-accountable events. 2. is a form of organization whose owners are personally liable for the debts incurred by the business. is a form of business organization whose owners are not liable for debts of the business. 3.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter3: Accrual Accounting

Section: Chapter Questions

Problem 1MCQ: Which of the following statements is true? Under cash-basis accounting, revenues are recorded when a...

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