Basic Accounting

1.  Are all economic events business transactions have on the equal A=+C ?

  Economic events are all business transaction because there is an Increase or decrease of the

economic resources and obligation of an entity, which affect the entity’s present and

future economic benefits.

2.  What are the step in the accounting cycle? What does the phrase “one error will make

everything wrong” got to do with the accounting cycle?

  Steps in accounting cycle

1.  Analysis of source document

2.  Journalizing analyzed business transactions in the journal

3.  Posting entries in the journal to the ledger

4.  Constructing the trial balance

5.  Journalizing and posting activities entries

6.  Constructing the adjusted trial balance

7.  Financial statements

8.  Journalizing and posting of closing entries

9.  Constructing the post closing trial balance

Optional : Journalizing and posting of Reversing entries for adjusting of accounts.

  In accounting cycles it is really important to make sure that of the very first step of the cycle,

it should be correct and no error shall be committed. One error will make everything wrong

if at the beginning there is an error committed because accounting cycle is a continues

process.

3.  What are the source documents and their importance?

  Source documents are business documents evidencing the occurrence of business

transactions. It is also the documents that trigger actions and activities of people in a

business. The importance of this is that these documents will start the accounting cycle and

will be the source of information to be used in recording business transaction.

4.  What is the purpose of the journal? What is its characteristic?

  The Journal

-  The book of original or first entry

-  Permits transaction to be recorded in chronological order, in other words, recording

business transaction as they happen.

5.  What Is the purpose of the ledger? Where are its characteristic?

  The ledger

 

-  The book of final entry

-  The compilation of all the accounts that a business has

-  It shows, after the posting process is done, the effect of the different business

transaction to different accounts.

- 

 

Marketing

Chapter 10. Professional Selling

1.  What is salesmanship? Selling?

  Salesmanship is the art of selling; selling is the process whereby the

seller studies, activities and satisfied the needs or wants of the buyer to

the mutual, continuous benefits of both the buyer and the seller.

2.  What is the salesperson’s job?

  The job of salesperson’s are determined by the type of selling he

chooses whether he choose to sell service or product or sell direct to

the costumer or to middleman, he will perform basic duties and

responsibilities, such as the

1.  Direct selling 2. Indirect Selling 3. Nonselling activities.

Chapter 11. Public Relation and the Corporate image.

1.  What is public relations?

  Public relation is defined as an organized, planned, and continued effort

to establish or promote public goodwill, and maintain mutual

understanding between an organization and its various publics.

2.  What are the functions of a public relation department?

  1. Advice and counsel 2. Publication 3. Promotion 4. Research 5.

Institutional advertising 6. Relations with publics.

Chapter 12. Entrepreneurship or a career in marketing

1.  Who is an entrepreneur?

  One who "undertakes an enterprise" The term puts emphasis on the

risk and effort of individuals who own and manage a business, and on

the innovations that result from their pursuit of economic success.

 

Organization and Management

MODULE 7

1.  In one sentence state the concept of planning

  Planning is about provides a frame work for organizing resources,

structuring an organization, placing people & establishing control

activities.

2.  In one sentence defined Planning

  It is the formal process of conceptualizing an organization vision,

mission and overall goals and objectives and deciding how best to

achieve them within a short medium and long term.

3.  Do the purposes of planning really serve their purpose? Yes of No. Reasons.

  Yes, because purposes of planning are primarily focus on minimizing risk

by reducing uncertainties surrounding business condition and clarifying

consequences of related management actions.

MODULE 8

1.  Explain in your own words; 1. Strategy 2. Strategic plan 3. Strategic management

1.  Strategy – is a broad and general plan developed to attain long-term

objectives and goal.

2.  Strategic plan  –  consist of action step by which an organization

intend to attain its strategic goals.

3.  Strategic management  – is the set of decisions and actions used to

formulate and implement strategies that provide a competitively

superior fit between the organization and its environment so as to

achieve organizational goals.