Name:Carl Daris M.

Trinidad

Grade &section:12 ABM D

Written Work.

Multiple Choice. Write the letter of the best answer on the blank provided. (10 points)

___A____1. Which of the following will you expect to find in an income statement?

A. Accounts Payable B. Professional fees

C. Prepaid Rent Expense D. Equity

___D____2. One of the following is found in the heading of an income statement

A. “As of December 31, 2019” B. as of 9:00 in the morning of December

31, 2019

C. December 31, 2019, D. “For the period ended December 31,

2019”

__C_____3. Which statement does not correctly describe net income?

A. It appears in the income statement

B. It appears in the statement of owner’s equity

C. It affects the statement of financial position.

D. It is the excess of expenses over revenues.

____B___4. Which of the following is NOT an element of statement of comprehensive income?

A. Sales B. Interest Receivable

C. Interest Expense D. Office Supplies Expense

__C_____5. Which of the following is classified as selling expense?

A. Salaries of the president B. Salaries of sales executives

C. Depreciation of administration building. D. Depreciation of office equipment