Accounting and Business Fundamentals

Study sheet excerpt

Course Outline

  1. MSME Categories and Economic Role
  2. Purpose and Scope of Accounting
  3. GAAP Principles and Acceptance
  4. Basic Accounting Assumptions
  5. Financial Statements and Equations
  6. Assets and Liabilities
  7. Equity, Revenues and Expenses
  8. Expenses, Losses, and Profit
  9. Expense Account Classifications
  10. Accounting Equation Applications
  11. Accounting Periods and Reporting
  12. Qualitative Financial Information
  13. Accounting Information Specializations
  14. Users and Business Activities
  15. Business Forms and Capital

1. MSME Categories and Economic Role

Key Concepts & Definitions

  • MSMEs : the acronym for Micro, Small and Medium Enterprises

Essential Points

  • MSMEs account for 99% of total business enterprises in the country and provide employment for 61% of the country's labor force.
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Quiz preview

1. What does the acronym MSMEs represent?

2. What share of the country's total business enterprises is represented by MSMEs?

3. What did R.A. 9501 require banks and lending institutions to do for MSMEs?

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Flashcards preview

What does MSMEs stand for?

Micro, Small and Medium Enterprises.

What percentage of total business enterprises are MSMEs?

99% of total business enterprises.

What percentage of the labor force is employed by MSMEs?

61% of the country's labor force.

When was R.A. 9501 signed into law?

On May 23, 2008.

What does R.A. 9501 require banks to allocate to MSMEs?

At least 10% of their total loan portfolio.

What is the maximum asset value for a micro enterprise?

P3 million or less.

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The study sheet covers the essential concepts of Accounting and Business Fundamentals. It is organized by topic to facilitate learning and memorization, with key definitions, explanations and summaries.

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The quiz contains 51 multiple-choice questions with detailed corrections and explanations for each answer. Ideal for testing your knowledge and identifying gaps.

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