Direction: Give the letter of the correct answer in space provided.

__C__1. The excess of the total debits over the total credits of the income statement
columns.
a. Net income c. Net loss
b. Cost d. Revenue
_A___2. The excess of the total credits over the total debits of the total income statement
columns.
a. Net income c. Net loss
c. Cost d. Revenue
__C___3. The report of financial position or financial condition.
a. Financial statement c. Balance sheet
b. Income Statement d. Cash book
__A___4. Refers to the sales or gross income.
a. Revenue c. Cost
b. Expenses d. Owner’s Equity
__A__5. Journalize the economic transactions and events.
a. Journalizing c. Posting
b. Adjusting d. Closing
__A__6. Are what business owns.
a. Asset c. Owner’s Equity
b. Liability d. Accounting
_C___7. Means the cost of products.
a. Expenses c. Cost
b. Asset d. Revenue
__A__8. The report of financial position or financial condition.
a. Balance sheet c. Owners Equity
b. Financial Statement d. Revenue
__A__9. Refers to sales or gross income.
a. Revenue c. Cost
 b. Balance sheet d. Equity
__D__10. Is the residual interest or remainder of the asset of the enterprise after deducting
all liabilities.
a. Revenue c. Cost
b. Balance sheet d. Equity