COMPXM CAPSTONE BUSINESS
SIMULATION COMPREHENSIVE EXAM
STUDY GUIDE WITH COMPLETE
SOLUTIONS
●● Accounting
Answer: is the language of business and to make this language convey
the same meaning to all people, as far as practicable, and to make it
meaningful, accountants have agreed on a number of concepts which are
followed in the preparations of financial statements
●● Separate Business Entity Concept
Answer: -In accounting we make a distinction between business and the
owner. All the books of accounts records day to day financial
transactions from the view point of the business rather than from that of
the owner. The proprietor is considered as a creditor to the extent of the
capital brought in business by him.(mag ka iba ang personal transactions
sa negosyo or business) ex: bumili ang owner ng mga groceries, laptop
and computer dito di mo siya rerecord sa book of accounts ng Business.
●● Money Measurement Concept accounting
Answer: only those business transactions are recorded which can be
expressed in terms of money. In other words, a fact or transaction or
happening which cannot be expressed in terms of money is not recorded
in the accounting books. As money is accepted not only as a medium of
, exchange but also as a store of value, it has a very important advantage
since a number of assets and equities, which are otherwise different, can
be measured and expressed in terms of a common denominator. (lahat ng
may value or amount ang ina record dito)
●● Dual Aspect Concept Financial accounting
Answer: records all the transactions and events involving financial
element.Each of such transactions requires two aspects to be recorded.
The recognition of these two aspects of every transaction is known as a
dual aspect analysis.According to this concept every business
transactions has dual effect.(related kay accounting records A =L+ E)
dalwang account ang nakaka apekto sa isang transaction.
●● Going Concern Concept
Answer: Accounting assumes that the business entity will continue to
operate for a long time in the future unless there is good evidence to the
contrary. The enterprise is viewed as a going concern, that is, as
continuing in operations, at least in the foreseeable future. In other
words, there is neither the intention nor the necessity to liquidate the
particular business venture in the predictable future. (from the very start
consistent siyaa) pag nag tayo ka ng negosyo di mo iisipin ang mga
negative
●● Accounting Period Concept
Answer: This concept requires that the life of the business should be
divided into appropriate segments for studying the financial results
SIMULATION COMPREHENSIVE EXAM
STUDY GUIDE WITH COMPLETE
SOLUTIONS
●● Accounting
Answer: is the language of business and to make this language convey
the same meaning to all people, as far as practicable, and to make it
meaningful, accountants have agreed on a number of concepts which are
followed in the preparations of financial statements
●● Separate Business Entity Concept
Answer: -In accounting we make a distinction between business and the
owner. All the books of accounts records day to day financial
transactions from the view point of the business rather than from that of
the owner. The proprietor is considered as a creditor to the extent of the
capital brought in business by him.(mag ka iba ang personal transactions
sa negosyo or business) ex: bumili ang owner ng mga groceries, laptop
and computer dito di mo siya rerecord sa book of accounts ng Business.
●● Money Measurement Concept accounting
Answer: only those business transactions are recorded which can be
expressed in terms of money. In other words, a fact or transaction or
happening which cannot be expressed in terms of money is not recorded
in the accounting books. As money is accepted not only as a medium of
, exchange but also as a store of value, it has a very important advantage
since a number of assets and equities, which are otherwise different, can
be measured and expressed in terms of a common denominator. (lahat ng
may value or amount ang ina record dito)
●● Dual Aspect Concept Financial accounting
Answer: records all the transactions and events involving financial
element.Each of such transactions requires two aspects to be recorded.
The recognition of these two aspects of every transaction is known as a
dual aspect analysis.According to this concept every business
transactions has dual effect.(related kay accounting records A =L+ E)
dalwang account ang nakaka apekto sa isang transaction.
●● Going Concern Concept
Answer: Accounting assumes that the business entity will continue to
operate for a long time in the future unless there is good evidence to the
contrary. The enterprise is viewed as a going concern, that is, as
continuing in operations, at least in the foreseeable future. In other
words, there is neither the intention nor the necessity to liquidate the
particular business venture in the predictable future. (from the very start
consistent siyaa) pag nag tayo ka ng negosyo di mo iisipin ang mga
negative
●● Accounting Period Concept
Answer: This concept requires that the life of the business should be
divided into appropriate segments for studying the financial results
