At- Accounting Chapters 8-10

Front 1

One way of safeguarding Cash to ensure safety of assets especially cash, control must be applied

Back 1

IMPREST SYSTEM

Front 2

Maintained to take care of small expenses like transportation expenses, office supplies and others for practicality and convenience purposes

Back 2

PETTY CASH FUND

Front 3

It is where business transactions are recorded

Back 3

JOURNAL

Front 4

A book of original entry wherein all kinds of business transactions are recorded

Back 4

GENERAL JOURNAL

Front 5

It contains chronological record of all the transactions and the events that compose the financial listing of the economic entity

Back 5

GENERAL JOURNAL

Front 6

T/F

General Journal should only be used for transactions that could not be recorded in the Special Journals

Back 6

TRUE

Front 7

A book of original entry that records only one kind of transaction. This transaction is repetitive or occurs several times during the course of business operations

Back 7

SPECIAL JOURNAL

Front 8

Special Journal designed to record sales on account

Back 8

SALES JOURNAL

Front 9

Issued to customers an as evidence of transaction in sales on account

Back 9

SALES Invoice

Front 10

Pre-numbered documents printed with the approval by the BIR

Back 10

Sales Invoice

Front 11

Special Journal wherein all collections including cash sales are recorded

An OR is issued everytime the business firm receives cash

Back 11

CASH RECEIPTS JOURNAL

Front 12

Special journal designed to record all types of cash disbursements

Back 12

CASH PAYMENTS JOURNAL

Front 13

Special Journal where purchases on account are recorded

Back 13

PURCHASES JOURNAL

Front 14

Transaction that cannot be recorded in the four preceding special journals

Back 14

GENERAL JOURNAL

Front 15

Financial assets that represent a contractual right to receive cash or another financial asset from another entity

Back 15

RECEIVABLES

Front 16

Receivables arising from the sale of goods and services in the ordinary course of business

Back 16

TRADE RECEIVABLES

Front 17

Receivables not supported by promissory notes

Back 17

ACCOUNTS RECEIVABLE

Front 18

Receivables supported by promissory notes

Back 18

NOTES RECEIVABLES

Front 19

Receivables arising from other sources not from the sale of goods and services

Back 19

NON TRADE RECEIVABLES

Front 20

Certain portion of receivables that may not be collected

Back 20

UNCOLLECTIVE ACCOUNTS OR BAD DEBTS

Front 21

Written Unconditional promise to pay the lender or someone else who acquires the note, a certain sum in money, on demand or at definite time, signed by the maker

Back 21

PROMISSORY NOTES

Front 22

Two parties involved in a promissory note

Back 22

• MAKER

• PAYEE

Front 23

• Known as the borrower or debtor

• The one who made and signed the note and makes payment upon due date

Back 23

MAKER

Front 24

• Known as the lender or creditor

• The one whose order the note is payable and receives payment upon due date

Back 24

PAYEE