Wonders of Accounting

01

Note: Kung sasagot kayo ng pre-assessment at post assessment, sa inline comment po kayo sumagot para ma-check ko. I also provided statements para do'n po kayo makapag-tanong. Good luck and enjoy learning!

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PRE-ASSESSMENT

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1. Is the process of identifying, recording and communicating business transactions and events expressed in monetary terms.

a. Accounting
b. Partnership
c. Business Transaction
d. None of the above

2. Owned by two or more people.

a. Sole Proprietorship
b. Partnership
c. Corporation
d. Cooperatives

3. It is owned by only one person.

a. Sole Proprietorship
b. Partnership
c. Corporation
d. Cooperatives

4. Duly registered association of persons with a common bond of interest.

a. Sole Proprietorship
b. Partnership
c. Corporation
d. Cooperatives

5. A form of business organized as a separate legal entity under the corporation law with ownership divided into transferable shares of stock.

a. Sole Proprietorship
b. Partnership
c. Corporation
d. Cooperatives

For 6-10, identify what type of business each businesses presented.

a. Service   b. Manufacturing   c. Merchandising

6. Shoe factory

7. Accounting firms

8. Law firms

9. Book stores

10. Sari-sari store

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1.0 What is Accounting?

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Accounting is a process of identifying, recording and communicating economic events of an organization to interested users. (Weygandt, J. et. al)

According to M-W, accounting is the system of recording and summarizing business and financial transactions and analyzing, verifying, and reporting the results.

Accounting is also considered the language of business.

Sa Accounting and as an accountant, trabaho mong i-record ang mga transactions na nagawa ng isang business sa isang araw.

For example, si Mr. Yoo ay magaling manggupit ng buhok. Dahil magaling siyang maggupit ng buhok, napagdesisyonan niyang magsimula ng negosyo. Nag-invest siya ng Php100,000 sa business niya. Ang unang transaction na i-re-record mo ay ang investment ni Mr. Yoo. The next day, bumili siya ng mga supplies at equipment para sa kaniyang business. Ang susunod mong i-re-record ay ang pagbili niya ng supplies at equipment.

Accounting also helps you track your daily transactions. Dahil nag-re-record ka everyday, hindi ka mahihirapan na i-track ang mga kakailanganin mo. I-a-analyze ng accounting if you gain something in your business or not.