FABM 1

• BANK ACCOUNTS

  • Savings Account
  • Bank Check
  • Time deposit and other investment accounts
  • Bank Forms
  • deposit slip
  • withdrawal slip
  • unit investment trust fund
  • bank statement
  • bank reconcilliation
  • non-sufficient fund checks
  • errors
• Savings account - simplest bank account (safekeeping)
• Passbook - booklet used to record bank transactions
• ATM- automated teller machines
• Bank check - most acceptable form of payment
• CTD - Certificates of time deposit , evidenced
• UITF - gain benefits and suffer losses
• bank forms - transaction with the bank
• Deposit slip - deposit transaction
• Withdrawal Slip - withdrawal from a passbook
• bank statement - for those that do not have passbooks
• NSF Check - does not have enough funds on his checking account
• Errors - committed by accountant
• Bank reconciliation - whether our cash record agrees with our inventory of each bank
• Personal - issued by persons
• corporate - issued by the corporation
• Manager - issued by the manager
• Taxations - process of collecting revenue in order to pay for its expenses
• Bureau of Internal Revenue - agency for taxes
• Social Projects

  • Social Healthcare
  • Medical Research
  • Social Security
  • Education
• Value added tax- VAT
• INCOME tax - tax on the net income or the entire income
• Section 23 of the national internal revenue code of 1997

  • Citizen of the Philippines within or without here
  • non-resident citizen
  • overseas filipino workers
  • alien individual
  • domestic corporation
  • foreign corporation
• Per bank

  • Outstanding check
  • direct collections of the bank
  • deposit in transit
  • bank service transit
  • bank errors
  • debit memo
  • bank check
• Per book

  • credit memo
  • book errors
  • customer-NSF
• Gross Income NIRC 1997 Section 32

  • Compensation for services in whatever form paid but not limited to fees, salaries, wages, commissions, and similar items
  • Gross income derived from the conduct of trade or business or the exercise of a profession.
  • Gains derived from dealings in property
  • interest
  • rents
  • royalties
  • dividends
  • annuities
  • prices and winnings
  • pension
  • partner distributive share from the net income of general professional partnership