BL-FABM-2121-LEC-1922S FUNDA OF

ACCOUNTANCY B&M2

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 Week 3: Statement of Financial Position II
 Learning Activity 001

Started on Friday, 24 January 2020, 11:04 PM

State Finished
Completed on Friday, 24 January 2020, 11:05 PM
Time taken 33 secs
Grade 4.00 out of 10.00 (40%)
Question 1
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Accounting is just all about recording.

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True
False

Question 2
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Any twelve-month period starting from any month other than 01 January

Select one:
a. Service business
b. Corporate code
c. Accounting
d. Fiscal year

Question 3
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Withdrawals decrease equity.

Select one:
True
False

Question 4
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An asset is a present obligation arising out of past events.

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True
False

Question 5
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The Statement of Financial Position is commonly prepared at the year ended

December 31..

Select one:
True
False

Question 6
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SFP is also the Balance sheet.

Select one:
True
False

Question 7
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The Calendar year ends on January 01.

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 True
False

Question 8
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Current assets are obligations expected to be settled after a year.

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True
False

Question 9
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Increase in assets is recorded as a Debit..

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True
False

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Question text

Income statement is another term for the Statement of Financial Position.

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True
False

BL-FABM-2121-LEC-1922S FUNDA OF
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 Week 3: Statement of Financial Position II
 Learning Activity 001

Started on Friday, 24 January 2020, 11:06 PM

State Finished
Completed on Friday, 24 January 2020, 11:07 PM
Time taken 1 min 12 secs
Grade 5.00 out of 10.00 (50%)
Question 1
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Stockholders are the owners of a corporation.

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True
False

Question 2
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Report form is where assets are listed on the left side.

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True
False

Question 3
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The Fiscal year always ends in December.

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True
False

Question 4
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Withdrawals are also known as "drawings".

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 True
False

Question 5
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CPA means Certified Public Accountant.

Select one:
True
False

Question 6
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This is the type of business which offers services for a fee

Select one:
a. Fiscal year
b. Corporate code
c. Accounting
d. Service business

Question 7
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Residual asset is the result of combining liabilities and equity.

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True
False

Question 8
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Account form is more commonly used form of an SFP.

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True
False

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The Statement of Financial Position commonly adopts the Calendar Year.

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True
 False

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Long-term debts are noncurrent.

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True
False

BL-FABM-2121-LEC-1922S FUNDA OF
ACCOUNTANCY B&M2

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 BL-FABM-2121-LEC-1922S
 Week 3: Statement of Financial Position II
 Learning Activity 001

Started on Friday, 24 January 2020, 11:08 PM

State Finished
Completed on Friday, 24 January 2020, 11:10 PM
Time taken 1 min 20 secs
Grade 8.00 out of 10.00 (80%)
Question 1
Correct
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 Flag question

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The Statement of Financial Position has two forms.

Select one:
True
False

Question 2
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Liabilities are company's obligations.

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True
False

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Branch of accounting solely for government purposes such as collecting of

taxes, computing of national income, fixing the gross national product target,
ascertaining the balance of payments position, etc..
Select one:
a. Financial Character
b. Partnership
c. General Accepted Accounting Principles
d. Government Accounting

Question 4
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Transactions which are financial in nature, such as payment and purchases in

cash.

Select one:
a. Financial Character
b. Partnership
c. Government Accounting
d. General Accepted Accounting Principles

Question 5
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Cash and cash equivalents are current assets.

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True
False
Question 6
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Property, plant, and equipment are assets.

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True
False

Question 7
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A liability is a present obligation arising out of past events.

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True
False

Question 8
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There are common account titles between assets and liabilities..

Select one:
True
False

Question 9
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Two or more people join together to contribute money, property or industry for
purposes of dividing the profits (or loss) among themselves.

Select one:
a. Government Accounting
b. General Accepted Accounting Principles
c. Partnership
d. Financial Character

Question 10
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Capital is another term for equity.

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True
False
BL-FABM-2121-LEC-1922S FUNDA OF
ACCOUNTANCY B&M2

 Dashboard
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 BL-FABM-2121-LEC-1922S
 Week 3: Statement of Financial Position II
 Learning Activity 001

Started on Friday, 24 January 2020, 11:11 PM

State Finished
Completed on Friday, 24 January 2020, 11:12 PM
Time taken 1 min 21 secs
Grade 6.00 out of 10.00 (60%)
Question 1
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Also known as Time Period Concept

Select one:
a. Periodicity
b. Fiscal year
c. Accounting
d. Service business

Question 2
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Prepaid rent is an asset..

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True
False

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The cost accountant handles Management Accounting.

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True
False

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Accrual basis of accounting records income when earned regardless of when

cash is received.

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 True
False

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Meaning of GAAP

Select one:
a. Government Accounting
b. General Accepted Accounting Principles
c. Partnership
d. Financial Character

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Long-term debts are noncurrent.

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True
False

Question 7
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Property, plant, and equipment are not assets.

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True
False

Question 8
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Assets minus Liabilities is equal to Equity is also considered an Accounting

Equation.

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True
False

Question 9
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The law that manages Corporations

Select one:
a. Accounting
b. Service business
c. Corporate code
d. Fiscal year

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Land is a current asset..

Select one:
True
False

BL-FABM-2121-LEC-1922S FUNDA OF
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 Week 3: Statement of Financial Position II
 Learning Activity 001

Started on Friday, 24 January 2020, 11:13 PM

State Finished
Completed on Friday, 24 January 2020, 11:14 PM
Time taken 1 min 3 secs
Grade 5.00 out of 10.00 (50%)
Question 1
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Noncurrent assets are assets that are expected to be used within 12 months.

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True
False

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Services businesses offer products.

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True
False

Question 3
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Owner's Equity is to sole proprietorship as Capital is to corporation.

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True
 False

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AICPA means

Select one:
a. Corporate code
b. American Institute of Certified Public Accountants
c. Service business
d. Fiscal year

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Entity principle separate business from personal transactions.

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True
False

Question 6
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Accounting is the language of business.

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True
False

Question 7
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Current assets are expected to be used after 12 months.

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True
False

Question 8
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Bank loans are credited to Loans Payable or Mortgage Payable.

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True
 False

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Sole proprietorships mostly managed by their owners.

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True
False

Question 10
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The language of business

Select one:
a. Service business
b. Fiscal year
c. Corporate code
d. Accounting

BL-FABM-2121-LEC-1922S FUNDA OF
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  Dashboard
 My courses
 BL-FABM-2121-LEC-1922S
 Week 3: Statement of Financial Position II
 Learning Activity 001

Started on Friday, 24 January 2020, 11:16 PM

State Finished
Completed on Friday, 24 January 2020, 11:17 PM
Time taken 1 min 10 secs
Grade 5.00 out of 10.00 (50%)
Question 1
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Capital are claims by creditors against the company's assets.

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True
False

Question 2
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Capital is another term for equity.

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True
False
Question 3
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GAAP is Generally Applicable Accounting Principles.

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True
False

Question 4
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Noncurrent assets are kept principally for trading.

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True
False

Question 5
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Liabilities are present obligations arising from past events..

Select one:
True
False

Question 6
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SFP is an acronym for Statement of Financial Position, which is also known as the
Balance Sheet.

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True
False

Question 7
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Cash and cash equivalents are noncurrent assets..

Select one:
True
False

Question 8
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A mortgage payable is a noncurrent liability..

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True
False

Question 9
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Long-term liabilities are noncurrent.

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True
False

Question 10
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Capital is also known as a residual asset..

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True
 False

BL-FABM-2121-LEC-1922S FUNDA OF
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 BL-FABM-2121-LEC-1922S
 Week 3: Statement of Financial Position II
 Learning Activity 001

Started on Friday, 24 January 2020, 11:18 PM

State Finished
Completed on Friday, 24 January 2020, 11:19 PM
Time taken 59 secs
Grade 10.00 out of 10.00 (100%)
Question 1
Correct
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The Fiscal year always ends in December.

Select one:
True
False

Question 2
Correct
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 Flag question

Question text

Assets minus Liabilities is equal to Equity is also considered an Accounting

Equation.

Select one:
True
False

Question 3
Correct
Mark 1.00 out of 1.00

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Question text

This is the type of business which offers services for a fee

Select one:
a. Fiscal year
b. Corporate code
c. Service business
d. Accounting

Question 4
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A liability is a present obligation arising out of past events.

Select one:
True
False

Question 5
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Question text

Accounting is just all about recording.

Select one:
True
False

Question 6
Correct
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Question text

The Statement of Financial Position is commonly prepared at the year ended

December 31..

Select one:
True
False

Question 7
Correct
Mark 1.00 out of 1.00
 Flag question

Question text

The Statement of Financial Position has two forms.

Select one:
True
False

Question 8
Correct
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Question text

Entity principle separate business from personal transactions.

Select one:
True
False

Question 9
Correct
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Current assets are obligations expected to be settled after a year.

Select one:
True
 False

Question 10
Correct
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Question text

Two or more people join together to contribute money, property or industry for
purposes of dividing the profits (or loss) among themselves.

Select one:
a. Partnership
b. Financial Character
c. General Accepted Accounting Principles
d. Government Accounting

BL-FABM-2121-LEC-1922S FUNDA OF
ACCOUNTANCY B&M2

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 Week 7: Statement of Changes in Equity
 Learning Activity 002

Started on Friday, 24 January 2020, 11:20 PM

State Finished
Completed on Friday, 24 January 2020, 11:20 PM
Time taken 39 secs
Grade 2.00 out of 10.00 (20%)
Question 1
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It is consists of the owner's investment and the earned profit less any
withdrawals made during a given period.

Select one:
a. Beginning Capital
b. Ending Capital
c. Investments
d. Capital

Question 2
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Net Profit is derived from:

Select one:
a. Balance Sheet
b. Statement of Changes in Equity
c. Journal
d. Statement of Income

Question 3
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 Flag question

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The equation for cost of goods sold is:

Select one:
a. Beginning inventory + Net cost of goods purchased - Ending inventory
b. Beginning inventory + Net cost of goods purchased + Ending inventory. {
c. Beginning inventory - Net cost of goods purchased - Ending inventory
d. None of the choices

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It represents the residual claim of the owner on the total resources or assets of
the firm after deducting the claims of creditors.

Select one:
a. Net Loss
b. Beginning Capital
c. Net Profit
d. Ending Capital

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Question text

The equation for cost of goods sold is:

Select one:
a. Beginning inventory - Net cost of goods purchased - Ending inventory
b. Beginning inventory + Net cost of goods purchased + Ending inventory
c. Beginning inventory + Net cost of goods purchased - Ending inventory
d. None of the choices

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These are resources of the firm which were taken by the owner for personal use.

Select one:
a. Net Loss
b. Ending Capital
c. Withdrawals
d. Investments

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It is the difference arrived at after deducting withdrawals from the sum of the
beginning capital, additional investments, and profit.

Select one:
a. Net Profit
b. Beginning Capital
c. Ending Capital
d. Withdrawals and drawings

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This could be deducted to the beginning capital and additional investments

done during the year.

Select one:
a. Withdrawals and drawings
b. Net Loss
c. Ending Capital
d. Net Profit

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The single-step approach could be used in writing the income statement for
_______________.

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a. All of the choices
b. Service Business
c. Merchandising business
d. Manufacturing business

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These are reductions in the total sales price given to the customer if the account
will be paid within a short period of time.

Select one:
a. Cost of goods sold
b. Sales returns and allowances
c. Net Sales
d. Sales discount

BL-FABM-2121-LEC-1922S FUNDA OF
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 Week 7: Statement of Changes in Equity
 Learning Activity 002

Started on Saturday, 25 January 2020, 9:14 PM

State Finished

Completed on Saturday, 25 January 2020, 9:15 PM

Time taken 1 min 7 secs

Grade 3.00 out of 10.00 (30%)

Question 1
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We could find the period covered by the statement at the ________________ of the
statement of the account.

Select one:

a. None of the choices

b. Both A and B

c. Body

d. Heading

Question 2
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It is the total or gross purchases less any purchase discounts and purchase
returns and allowances.

Select one:
a. Net cost of goods purchased

b. Cost of goods sold

c. Sales discounts

d. Purchase returns and allowances

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The Statement of Changes in Equity have ___________ elements from Statement
of Financial Position and Statement of Income.

Select one:

a. Same

b. None of the choices

c. Few common

d. Different

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Question text
These are resources of the firm which were taken by the owner for personal use.

Select one:

a. Ending Capital

b. Investments

c. Withdrawals

d. Net Loss

Question 5
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If the firm has been operating in the past year, the beginning capital of the
current year is _____________ the ending capital of the previous year.

Select one:

a. The same

b. Different

c. None of the choices

d. Equal to

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It represents the residual claim of the owner on the total resources or assets of
the firm after deducting the claims of creditors.

Select one:

a. Beginning Capital

b. Net Profit

c. Net Loss

d. Ending Capital

Question 7
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Total is synonymous to ___________.

Select one:

a. Net

b. Gross

c. Both A and B

d. None of the choices

Question 8
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Income of a merchandising business comes from _________________.

Select one:

a. None of the choices

b. Both A and B

c. Sales of the product

d. Rendered Services

Question 9
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Income statement for merchandising businesses usually have how many
sections?

Select one:

a. 5

b. 3
c. 8

d. 7

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Its use varies depending on the form of business organization.

Select one:

a. Statement of Changes in Equity

b. Equity

c. Capital

d. Equity Accounts

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 Week 10: Quarterly Exam
 First Quarter Exam

Started on Monday, 27 January 2020, 11:24 PM

 State Finished

Completed on Monday, 27 January 2020, 11:25 PM

Time taken 1 min 5 secs

Grade 27.00 out of 50.00 (54%)

Question 1
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Sole proprietorships mostly managed by their owners.

Select one:

True

False

Question 2
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and is a current asset.

Select one:

True
 False

Question 3
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Cash receipts from customers is P200,000, cash paid to suppliers is P10,000 and
cash paid to employees is P25,000, how much is the net cash from operating
activities.

Select one:

a. P190,000

b. Cannot be determined from the data given

c. P165,000

d. P175,000

Question 4
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The Statement of Financial Position is commonly prepared at the year ended
December 31.

Select one:
 True

False

Question 5
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Question text
Capital is also known as a residual asset.

Select one:

True

False

Question 6
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Losses are outflows that result from the main activity of the business.

Select one:

True

False
Question 7
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Question text
Current assets are expected to be used after 12 months.

Select one:

True

False

Question 8
Correct

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Question text
SFP is an acronym for Statement of Financial Position, which is also known as the
Balance Sheet.

Select one:

True

False

Question 9
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 Flag question

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It is a voluntary association of at least 15 persons having a common bond of
interest for the purpose of generating capital from among themselves through a
systematic and continuous savings program in order to grant loans to each
other at reasonable rates of interest.

Select one:

a. cooperative

b. partnership

c. corporation

d. single proprietorship

Question 10
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Residual asset is the result of combining liabilities and equity.

Select one:

True

False

Question 11
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If the firm has been operating in the past year, the beginning capital of the
current year is the same as the ending capital of the previous year.

Select one:

True

False

Question 12
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The following are examples of non-current assets except
~Property, plant and equipment.

Select one:

a. Intangible asset

b. Long-term investment

c. Accounts Receivable

Question 13
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Merchandising business are charging fees for rendered services.

Select one:

True

False

Question 14
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Owner's equity represents the right of the owner over the resources of the firm.

Select one:

True

False

Question 15
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Question text
Liabilities are company's obligations.

Select one:

True

False

Question 16
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Question text
Accrual basis of accounting is a basic accounting principle that states that
income shall only be recognized when cash is received, and expenses shall only
be recorded when cash is paid.

Select one:

True

False

Question 17
Correct

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 Flag question

Question text
Cash basis accounting is not acceptable in the accounting industry though we
need to understand this in order to prepare our cash flow statement.

Select one:

True

False

Question 18
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Question text
Beginning inventory is P50,000, net cost of purchases is P125,000, and ending
inventory is P35,000. Compute for the cost of goods sold.

Select one:

a. Cannot be determined from the given data

b. P140,000

c. P210,000

d. P110,000

Question 19
Correct
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Question text
Gross profit is P150,000, total selling expenses is P39,000, and total general and
administrative expenses cost P52,000. Compute for the operating income.

Select one:

a. P59,000

b. P163,000

c. P241,000

d. Cannot be determined from the given data

Question 20
Correct

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Investments made by the owner may represent the original investment made at
the start of business, and any additional investments thereafter.

Select one:

True

False

Question 21
Incorrect

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Financing activities are the common transactions happening in the organization.

Select one:

True

False

Question 22
Incorrect

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Question text
The transactions falling under operating activities does not primarily involve
cash received from customers and paid to suppliers, lenders, or employees.

Select one:

True

False

Question 23
Correct

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 Flag question

Question text
roperty, plant, and equipment are assets.

Select one:

True

False

Question 24
Correct

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Question text
Manufacturing business converts raw materials to finished goods.

Select one:

True

False

Question 25
Correct

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Question text
In this principle, it is assumed that the business owners or managers are
separate from the business enterprise.

Select one:

a. Business entity principle

b. Dual effect principle

c. Going concern principle

d. matching principle

Question 26
Correct

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Question text
Gains increase the income of the business.

Select one:

True

False

Question 27
Correct

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Question text
Cash flows are categorized into three types; these activities does not determine
the purpose for which the cash has been used.

Select one:

True

False

Question 28
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Liabilities are present obligations arising from past events.

Select one:

True

False

Question 29
Correct

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In cash basis accounting, income shall only be recognized when cash is
received, and expenses shall only be recorded when cash is paid.
Select one:

True

False

Question 30
Correct

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Question text
The following are the advantages of forming a partnership except
~Minimal regulatory requirements than corporation.

Select one:

a. Can exist for a period of 50 yrs

b. more capital from partners

c. Exempt from paying corporate tax

Question 31
Incorrect

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Cash flows are categorized into three types: operating, investing, and financing
activities.
Select one:

True

False

Question 32
Correct

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A sole proprietor's equity account is written as follows: name of owner, capital.

Select one:

True

False

Question 33
Correct

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Operating activities may be presented using either the direct method or indirect
method.

Select one:

True
 False

Question 34
Correct

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The acquisition and disposal of long-term assets, including investments not
considered cash equivalents are parts of an investing activities.

Select one:

True

False

Question 35
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Capital is also known as a residual asset.

Select one:

True

False

Question 36
Incorrect
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Net loss indicates that the business is doing well.

Select one:

True

False

Question 37
Correct

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Question text
The cash in a financing activity mostly involve current assets or income and
expense accounts.

Select one:

True

False

Question 38
Correct

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 Flag question

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There are common account titles between assets and liabilities.

Select one:

True

False

Question 39
Incorrect

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Owner's Equity is to sole proprietorship as Capital is to corporation.

Select one:

True

False

Question 40
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Question text
Revenues are also known as income.

Select one:

True

False

Question 41
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The following are cash flow transactions under the direct method except

Select one:

a. Income taxes paid

b. Cash paid to creditors

c. Depreciation of old building

d. Cash receipts from customers

Question 42
Correct

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Question text
Increase in assets is recorded as a Debit.

Select one:

True

False

Question 43
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Question text
If the beginning capital of Mrs. Castro is P200,000 and she made an additional
investment during the year of P100,000 with a net profit of P52,000, how much
is the ending capital?

Select one:

a. P252,000

b. P300,000

c. P248,000

d. P352,000

Question 44
Correct

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 Flag question

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Owner's equity usually consists of the owner's investment and the earned profit
less any withdrawals made during a given period.

Select one:

True

False

Question 45
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The Calendar year ends on January 01.

Select one:

True

False

Question 46
Correct

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Accrual basis of accounting records income when earned regardless of when
cash is received.

Select one:

True

False

Question 47
Correct

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Question text
The owner's equity is also called capital, net assets, or net worth.

Select one:

True

False

Question 48
Incorrect

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 Flag question

Question text
Cash withdrawal of an owner for personal use falls in what cash flow category?

Select one:

a. Financing

b. Investing

c. Assessing

d. Operating

Question 49
Correct

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There are common account titles between assets and liabilities.

Select one:

True

False

Question 50
Incorrect

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 Flag question

Question text
GAAP is Generally Applicable Accounting Principles.

Select one:

True

False

Among all the activities, only financing activities have different ways of being
presented.

Select one:
True

False
Investing activities cannot be presented in direct or indirect method.

Select one:

True

False

Net sales is P450,000, sales discounts is P35,000, and sales returns and
allowances is P15,000. Compute for the gross sales.

Select one:
a. P400,000
b. Cannot be determined from the given data
c. 500,000
d. P430,000
In the statement of changes in equity of a sole proprietor, this is deducted from
the beginning capital to arrive at the ending capital

Select one:
a. None of the choices
b. Net profit
c. withdrawal

d. investment
The firm can create as many capital accounts as there are owners in a
corporation.

Select one:
True

False

Withdrawals or drawings are resources of the firm which were taken by the
owner for personal use.

Select one:
True

False
Operating expenses and operating income or operating loss are items which can
be found in an income statement prepared in a multi-step approach.

Select one:
True

False

If additional investment of the owner is P650,000 and payment of long-term loan

to the bank is P700,000, how much is the net cash increase or decrease from
financing activities?

Select one:
a. Increase of P650,000
b. Decrease of P50,000
c. Decrease of P700,000

d. Increase of P50,000
Accounting is defined in part as the art of ____________, ___________, and
____________ in a significant manner and in terms of money, transactions and
events.

Select one:
a. analyzing, evaluating, assessing
b. recording, classifying, summarizing
c. processing, computing, finalizing

d. journalizing, synthesizing, reporting

This is derived from the income statement and is also added to the beginning
capital and additional investments done during the year.

Select one:
a. None of the choices
b. withdrawal
c. investment

d. Net profit
This occurs whenever the enterprise purchased goods or received services on
account issuing a promissory note to settle the account in a specified future
date.

Select one:
a. Notes Payable
b. Accounts Payable
c. Mortgage Payable

d. Bonds Payable
Cash basis accounting relies entirely on the payment and receipt of cash.

Select one:
True

False
BL-FABM-2121-LEC-1922S FUNDA OF
ACCOUNTANCY B&M2

 Dashboard
 My courses
 BL-FABM-2121-LEC-1922S
 Week 4 and 5: Statement of Comprehensive Income I
 Long Quiz 001

Started on Wednesday, 29 January 2020, 10:33 AM

State Finished

Completed on Wednesday, 29 January 2020, 10:35 AM

Time taken 2 mins 7 secs

Grade 9.00 out of 20.00 (45%)

Question 1
Correct

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Transactions which are financial in nature, such as payment and purchases in
cash.

Select one:

a. Financial Character

b. Government Accounting

c. Partnership
d. General Accepted Accounting Principles

Question 2
Incorrect

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In this concept, accounts assume that the business will continue operating at a
foreseeable future.

Select one:

a. reliability or objectivity principle

b. cost concept

c. going concern concept

d. business entity concept

Question 3
Correct

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Accounting is just all about recording.

Select one:

True
 False

Question 4
Correct

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Current assets are obligations expected to be settled after a year.

Select one:

True

False

Question 5
Incorrect

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Question text
Accounts Payable and Notes Payable are two examples of accounts that are
reported in the SFP under the heading.

Select one:

a. Contra Asset

b. Current Asset

c. Equity
d. Current Liability

Question 6
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Stockholders are the owners of a corporation.

Select one:

True

False

Question 7
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Question text
A debit account in excess of credits would possess a credit balance.

Select one:

True

False

Question 8
Incorrect
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Question text
Professional fees are considered Gains.

Select one:

True

False

Question 9
Incorrect

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Accounting is based on the single-entry bookkeeping.

Select one:

True

False

Question 10
Incorrect

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 Flag question

Question text
Any twelve-month period starting from any month other than 01 January

Select one:

a. Corporate code

b. Service business

c. Accounting

d. Fiscal year

Question 11
Correct

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Property, plant, and equipment are not assets.

Select one:

True

False

Question 12
Incorrect

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 Flag question

Question text
The income statement line gross profit will appear on which income statement
format?

Select one:

a. Dual-step

b. Multiple-step

c. none of the choices

d. Single-step

Question 13
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The group of accounts of the entity is called ledger.

Select one:

True

False

Question 14
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Question text
Accounting is the language of business.

Select one:

True

False

Question 15
Incorrect

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Question text
The following are current assets, except::

Select one:

a. Prepaid expense

b. Cash

c. Long-term liabilities

d. Accounts receivable

Question 16
Incorrect

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Question text
Revenues are commonly called the "cost of doing business."

Select one:

True

False

Question 17
Incorrect

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Question text
Merchandising business usually does activities that converts raw materials into
finished products, and sells this to other firms or to individuals.

Select one:

True

False

Question 18
Incorrect

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 Flag question

Question text
What form of the SFP wherein the assets are listed on the left side and the
liabilities and equity are on the right side, and the two sides must equal?

Select one:

a. Narrative form

b. Working capital form

c. Account form

d. Report form

Question 19
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An asset is a present obligation arising out of past events.

Select one:

True

False

Question 20
Correct

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Question text
Debit entries with a larger number would always possess a debit balance.

Select one:

True

False

BL-FABM-2121-LEC-1922S FUNDA OF
ACCOUNTANCY B&M2

 Dashboard
 My courses
 BL-FABM-2121-LEC-1922S
 Week 4 and 5: Statement of Comprehensive Income I
 Long Quiz 001

Started on Wednesday, 29 January 2020, 10:40 AM

State Finished

Completed on Wednesday, 29 January 2020, 10:43 AM

Time taken 2 mins 57 secs

Grade 10.00 out of 20.00 (50%)

Question 1
Incorrect

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 Flag question

Question text
Every time a business transaction occurs like purchase of supplies, payment of
receivables, granting credit, payment of utilities, etc., we assume that for every
value received there is an equivalent value parted with.

Select one:

a. Matching Principle

b. Going Concern

c. Dual Effect

d. Accrual Principle

Question 2
Correct

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Question text
Capital is another term for equity.

Select one:

True

False

Question 3
Correct
Mark 1.00 out of 1.00

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Question text
There are common account titles between assets and liabilities..

Select one:

True

False

Question 4
Correct

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Question text
This occurs whenever the enterprise purchased goods or received services on
account issuing a promissory note to settle the account in a specified future
date.

Select one:

a. Notes Payable

b. Mortgage Payable

c. Bonds Payable

d. Accounts Payable

Question 5
Correct

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Utilities include electric bills and internet fees.

Select one:

True

False

Question 6
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Question text
Manufacturing business converts raw materials to finished goods.

Select one:

True

False

Question 7
Correct

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 Flag question

Question text
Mr. Jobs invests personal cash in his computer business as a start up capital.

Select one:

a. Asset Increase, Equity Increase

b. Equity Decrease, Equity No Effect

c. Owner's (or Stockholders')

d. Liabilities Increase, Equity Increase

e. Asset Decrease, No Effect

Question 8
Correct

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The Fiscal year always ends in December.

Select one:

True

False

Question 9
Correct
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Current assets are expected to be used after 12 months.

Select one:

True

False

Question 10
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The following are known as Balance Sheet accounts except:

Select one:

a. Equity

b. Liability

c. Income

d. Asset

Question 11
Incorrect

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Question text
If Revenue is greater expenses, there is a Gain.

Select one:

True

False

Question 12
Incorrect

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Question text
This form of business organization has limited liability, meaning creditors cannot
go after their personal property in case of bankruptcy.

Select one:

a. Partnership

b. Single Proprietor

c. Cooperative

d. Corporation

Question 13
Correct

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 Flag question

Question text
The business provided service to customers on account.

Select one:

a. Owner's (or Stockholders')

b. Equity Decrease, Equity No Effect

c. Asset Increase, Equity Increase

d. Asset Decrease, No Effect

e. Liabilities Increase, Equity Increase

Question 14
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Account form is more commonly used form of an SFP.

Select one:

True

False

Question 15
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It is the sum of the cost of merchandise in the beginning inventory less the net
cost of goods purchased this period less the merchandise in the ending
inventory.

Select one:

a. Net Profit

b. Cost of Goods Available for Sale

c. Cost of Good Sold

d. Net Sales

Question 16
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Which of the following will cause owner's equity to decrease?

Select one:

a. Revenue

b. Net Income
c. Net Loss

Question 17
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This concept states that the activities of a business are recorded separately from
the activities of the stakeholders.

Select one:

a. going concern concept

b. business entity concept

c. cost concept

d. reliability or objectivity principle

Question 18
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It is a voluntary association of at least 15 persons having a common bond of
interest for the purpose of generating capital from among themselves through a
systematic and continuous savings program in order to grant loans to each
other at reasonable rates of interest.
Select one:

a. corporation

b. single proprietorship

c. partnership

d. cooperative

Question 19
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We technically call recording as bookkeeping or journalizing because we use the
book we call _________________.

Select one:

a. General ledger

b. Worksheet

c. Trial Balance

d. General journal

Question 20
Incorrect

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 Flag question

Question text
Losses are outflows that result from the main activity of the business.

Select one:

True

False

BL-FABM-2121-LEC-1922S FUNDA OF
ACCOUNTANCY B&M2

 Dashboard
 My courses
 BL-FABM-2121-LEC-1922S
 Week 4 and 5: Statement of Comprehensive Income I
 Long Quiz 001

Started on Wednesday, 29 January 2020, 10:48 AM

State Finished

Completed on Wednesday, 29 January 2020, 10:50 AM

Time taken 1 min 57 secs

Grade 15.00 out of 20.00 (75%)

Question 1
Correct

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 Flag question

Question text
Land is a current asset..

Select one:

True

False

Question 2
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The following are examples of non-current assets except

Select one:

a. Property, plant and equipment

b. Accounts Receivable

c. Long-term investment

d. Intangible asset

Question 3
Correct

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 Flag question

Question text
Asset is equal to Liability plus Capital. Liability is equal to Asset minus Capital.

Select one:

a. The 1st statement is false.

b. Both statements are true

c. The 2nd statement is false.

d. The 1st statement is true.

e. The 2nd statement is true.

f. Both statements are false

Question 4
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SFP is also the Balance sheet.

Select one:

True

False
Question 5
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This principle requires that life of the enterprise be subdivided into time periods
or accounting periods which may be a calendar year or fiscal year.

Select one:

a. Periodicity

b. Stable monetary Unit

c. Business Entity

d. Going Concern

Question 6
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What type of accounts are Interest Receivable and Fees Receivable?

Select one:

a. Liability

b. Equity
c. Revenue

d. Asset

Question 7
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Also known as Time Period Concept

Select one:

a. Service business

b. Fiscal year

c. Periodicity

d. Accounting

Question 8
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In the account form of SFP, the assets, liabilities and equity are written in a
downward sequence. In the report form of SFP, the assets a written on the left
side while the liabilities and equity on the right side.
Select one:

a. The 2nd statement is true

b. Both statements are true

c. The 1st statement is false

d. The 2nd statement is false

e. The 1st statement is true

f. Both statements are false

Question 9
Correct

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This type of business usually does activities that converts raw materials into
finished products, and sells this to other firms or to individuals.

Select one:

a. Manfacturing

b. Merchandizing

c. Service

d. Cooperative

Question 10
Correct

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 Flag question

Question text
Wages are considered expenses.

Select one:

True

False

Question 11
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Withdrawals are also known as "drawings".

Select one:

True

False

Question 12
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Question text
Merchandising business are charging fees for rendered services.

Select one:

True

False

Question 13
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Credits always reduce account balances.

Select one:

True

False

Question 14
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Liabilities are present obligations arising from past events..

Select one:
 True

False

Question 15
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It is the difference between net sales and the cost of goods sold.

Select one:

a. Cost of Goods Available for Sale

b. Operating Expenses

c. Net Income

d. Gross Profit

Question 16
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Cash basis accounting only records transaction when cash is received or paid.

Select one:
 True

False

Question 17
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Question text
Mr. Robie paid his obligation to the supplier.

Select one:

a. Owner's (or Stockholders')

b. Asset Decrease, Liability Decrease

c. Equity Decrease, Liability Increase

d. Asset Increase, Equity Decrease

e. Asset Increase, Liability Increase

Question 18
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The financial statement that reports the assets, liabilities, and stockholders'
(owner's) equity at a specific date is the __________.
Select one:

a. Income Statement

b. Statement of Cash Flow

c. Statement of Owner's Equity

d. Statement of Financial Position

Question 19
Correct

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The difference between revenues and gains, and expenses and losses when the
expenses and losses are greater than the revenues and gains.

Select one:

a. Net loss

b. Net worth

c. Net profit

d. Net assets

Question 20
Correct

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 Flag question

Question text
Entity principle separate business from personal transactions.

Select one:

True

False

The acquisition and disposal of long-term assets, including investments not

considered cash equivalents are parts of an investing activities.

Select one:
True

False

BL-FABM-2121-LEC-1922S FUNDA OF
ACCOUNTANCY B&M2

 Dashboard
 My courses
 BL-FABM-2121-LEC-1922S
 Week 8 and 9: Cash Flow Statement
 Long Quiz 002

Started on Wednesday, 29 January 2020, 10:52 AM

State Finished

Completed on Wednesday, 29 January 2020, 10:54 AM

Time taken 2 mins 8 secs

Grade 4.00 out of 20.00 (20%)

Question 1
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To compute the ending capital in the statement of changes in equity, which item
do we add to the beginning capital?

Select one:

a. Net Loss

b. Investment

c. None of the choices

d. Withdrawals

Question 2
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The owner's equity is usually consists of ___________________.

Select one:

a. None of the above

b. Owner's investment and the earned profit less any withdrawals made during
a given period.

c. Owner's investment and the earned profit equal to any withdrawals made
during a given period

d. Owner's investment and the earned profit add any withdrawals made during
a given period

Question 3
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Merchandising business' statement of income include the following except:

Select one:

a. Sales

b. Drawing

c. Cost of goods sold

d. Operating Expenses

Question 4
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Question text
It is the difference arrived at after deducting withdrawals from the sum of the
beginning capital, additional investments, and profit.

Select one:

a. Net Profit

b. Investments

c. Ending Capital

d. Beginning Capital

Question 5
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This involves transactions showing those related to gross cash receipts and
gross cash payments.

Select one:

a. Accrual Basis of Accounting

b. Indirect Method

c. Direct Method

d. Cash Basis of Accounting

Question 6
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Income shall only be recognized when cash is received, and expenses shall only
be recorded when cash is paid.

Select one:

a. Cash Flow

b. Cash Basis of Accounting

c. Financing Activities

d. Accrual Basis of Accounting

Question 7
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If all business transactions uses cash, then income between accrual basis and
cash basis of accounting shall be _____.

Select one:

a. Either A or B

b. Different

c. None of the choices

d. Same

Question 8
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The following consists an income statement for merchandising businesses
except:

Select one:

a. Gross Profit

b. Cost of goods sold

c. Net Profit or Net Loss

d. None of the choices

Question 9
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It is the usual account title used for corporations.
Select one:

a. Stockholder's Equity
b. None of the choices

c. Both of the given choices correct

d. Capital

Question 10
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Cash flows are categorized into three types: operating, investing, and financing
activities.

Select one:

True

False

Question 11
Correct

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Question text
We use this account title for the equity of the owner in constructing a Statement
of Changes in Equity for a Sole Proprietorship.

Select one:
a. Name of owner, capital

b. None of the choices

c. Stockholder's equity

d. Name of owner, capital (create as many capital accounts as there are owners)

Question 12
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Question text
If the beginning capital of Mrs. Castro is P200,000 and she made an additional
investment during the year of P100,000 with a net profit of P52,000, how much
is the ending capital?

Select one:

a. P252,000

b. P300,000

c. P352,000

d. P248,000

Question 13
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Question text
The single-step approach could be used in writing the income statement for
_______________.

Select one:

a. All of the choices

b. Merchandising business

c. Service Business

d. Manufacturing business

Question 14
Correct

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Investments made by the owner may represent the original investment made at
the start of business, and any additional investments thereafter.

Select one:

True

False

Question 15
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 Flag question

Question text
These are deducted in the purchase price either because of returns or
reductions due to defects or damages of goods purchased.

Select one:

a. Purchase discounts

b. Sales Returns

c. Purchase returns and allowances

d. Sales Allowances

Question 16
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Question text
The service business' statement of income is composed of revenues, expense
and net profit/net loss. The merchandising business' statement of income is
composed of eight sections.

Select one:

a. Both statements are false

b. The 1st statement is true. The 2nd statement is false.

c. Both statements are true

d. The 1st statement is false. The 2nd statement is true.

Question 17
Correct

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The statement of cash flows starts with cash on hand, beginning and ends with
________________?

Select one:

a. Cash on hand, end

b. Ending inventory

c. Cost of goods sold

d. Net Profit

Question 18
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This is the most commonly used accounting title in the financial statement.

Select one:

a. Equity
b. Profit

c. Capital

d. Cash

Question 19
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The acquisition and disposal of long-term assets, including investments not
considered cash equivalents are parts of an investing activities.

Select one:

True

False

Question 20
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Question text
If additional investment of the owner is P650,000 and payment of long-term loan
to the bank is P700,000, how much is the net cash increase or decrease from
financing activities?

Select one:
a. Decrease of P700,000

b. Increase of P50,000

c. Increase of P650,000

d. Decrease of P50,000

BL-FABM-2121-LEC-1922S FUNDA OF
ACCOUNTANCY B&M2

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 BL-FABM-2121-LEC-1922S
 Week 7: Statement of Changes in Equity
 Learning Activity 002

Started on Thursday, 30 January 2020, 6:32 PM

State Finished

Completed on Thursday, 30 January 2020, 6:34 PM

Time taken 1 min 55 secs

Grade 3.00 out of 10.00 (30%)

Question 1
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This shows relationship between the inflows and outflows of resources within the
firm is an indicator of how successful the business operation was for a given
period.

Select one:

a. Statement of Financial Position

b. None of the choices

c. Statement of Income

d. Balance Sheet

Question 2
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These are added to the capital beginning to arrive at the total investments used
during the year.

Select one:

a. Ending Capital

b. Net Profit

c. Withdrawals and drawings

d. Investments

Question 3
Correct

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Question text
It is the total or gross purchases less any purchase discounts and purchase
returns and allowances.

Select one:

a. Sales discounts

b. Net cost of goods purchased

c. Purchase returns and allowances

d. Cost of goods sold

Question 4
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Total is synonymous to ___________.

Select one:

a. Both A and B

b. Gross

c. None of the choices

d. Net
Question 5
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How many sections do income statement for merchandising businesses usually
have?

Select one:

a. 5

b. 7

c. 10

d. 8

Question 6
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It is the difference arrived at after deducting withdrawals from the sum of the
beginning capital, additional investments, and profit.

Select one:

a. Withdrawals and drawings

b. Beginning Capital

c. Net Profit

d. Ending Capital

Question 7
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These are reductions in the total sales price given to the customer if the account
will be paid within a short period of time.

Select one:

a. Sales of returns and allowances

b. Cost of goods sold

c. Sales discounts

d. Purchase Discounts

Question 8
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It represents the residual claim of the owner on the total resources or assets of
the firm after deducting the claims of creditors.

Select one:

a. Net Loss

b. Beginning Capital

c. Ending Capital

d. Net Profit

Question 9
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It is a financial Statement that focuses on the residual interest of the owner in
the business.

Select one:

a. Statement of Changes in Equity

b. Statement of Income

c. All of the choices

d. Statement of Financial Position

Question 10
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Question text
How many parts does the Statement of Changes in Equity have?

Select one:

a. 8

b. 5

c. 7

d. 3

BL-FABM-2121-LEC-1922S FUNDA OF
ACCOUNTANCY B&M2

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 My courses
 BL-FABM-2121-LEC-1922S
 Week 7: Statement of Changes in Equity
 Learning Activity 002

Started on Thursday, 30 January 2020, 6:38 PM

State Finished

Completed on Thursday, 30 January 2020, 6:41 PM

Time taken 2 mins 39 secs

Grade 2.00 out of 10.00 (20%)

Question 1
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The heading of a statement of income usually consists of the following except:

Select one:

a. Net Profit or Net Loss

b. Both A and B

c. None of the choices

d. Operating Expenses

Question 2
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The heading of a statement of income usually consists of the following except:

Select one:

a. Period covered by the statement

b. None of the choices

c. Statement of Income
d. Business Name

Question 3
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It is the difference arrived at after deducting withdrawals from the sum of the
beginning capital, additional investments, and profit.

Select one:

a. Net Profit

b. Beginning Capital

c. Investments

d. Ending Capital

Question 4
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It represents the right of the owner over the resources of the firm.

Select one:

a. Equity
b. Stocks

c. Assets

d. All of the choices

Question 5
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It refers to the right of the owner over the resources of the firm after deducting
the claims of creditors.

Select one:

a. Equity

b. Statement of Changes in Equity

c. Capital

d. Investment

Question 6
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An income statement for _________________ could be written using a single-step
approach.

Select one:

a. All of the choices

b. Both A and B

c. Service Business

d. Merchandising Business

Question 7
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The story of the success, or failure, of operations is shown in the
_______________________.

Select one:

a. Report

b. All of the choices

c. Statement of Income

d. Balance Sheet

Question 8
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The single-step approach could be used in writing the income statement for
_______________.

Select one:

a. Merchandising business

b. Service Business

c. Manufacturing business

d. All of the choices

Question 9
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These are reductions in the price because of possible defects or damages in the
products sold.

Select one:

a. Sales Discounts

b. None of the choices

c. Sales Allowances
d. Sales Returns

Question 10
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It is consists of the owner's investment and the earned profit less any
withdrawals made during a given period.

Select one:

a. Capital

b. Beginning Capital

c. Investments

d. Ending Capital

Capital is the account title used for____________________.

Select one:
a. Partnership and Corporation
b. Corporation
c. Sole proprietorship and Corporation
d. Sole proprietorship
e. Partnership

f. Sole proprietorship and Partnership

BL-FABM-2121-LEC-1922S FUNDA OF
ACCOUNTANCY B&M2

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 BL-FABM-2121-LEC-1922S
 Week 7: Statement of Changes in Equity
 Learning Activity 002

Started on Thursday, 30 January 2020, 6:49 PM

State Finished

Completed on Thursday, 30 January 2020, 6:51 PM

Time taken 2 mins 31 secs

Grade 6.00 out of 10.00 (60%)

Question 1
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The account title used for corporations:

Select one:

a. All of the choices

b. Owner's Equity

c. Stockholders' Equity

d. Shareholders' Equity
Question 2
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Refers to total or gross sales less any sales discounts, and sales returns and
allowances.

Select one:

a. Net Sales

b. Purchase discounts

c. Net cost of goods purchased

d. Sales returns and allowances

Question 3
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The equation for cost of goods sold is:

Select one:

a. Beginning inventory + Net cost of goods purchased - Ending inventory

b. Beginning inventory - Net cost of goods purchased - Ending inventory

c. Beginning inventory + Net cost of goods purchased + Ending inventory. {

d. None of the choices

Question 4
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The following are parts of the heading of the Statement of Changes in Equity
except:

Select one:

a. Statement of Changes in Equity

b. Net Profit

c. Period covered by the statement

d. Name of Business

Question 5
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If the firm has been operating in the past year, the beginning capital of the
current year is _____________ the ending capital of the previous year.
Select one:

a. Different

b. Equal to

c. None of the choices

d. The same

Question 6
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The equation for cost of goods sold is:

Select one:

a. Beginning inventory + Net cost of goods purchased - Ending inventory

b. Beginning inventory + Net cost of goods purchased + Ending inventory

c. None of the choices

d. Beginning inventory - Net cost of goods purchased - Ending inventory

Question 7
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Question text
If the firm has been operating in the past year, the beginning capital of the
current year is _____________ the ending capital of the previous year.

Select one:

a. Equal to

b. The same

c. Different

d. None of the choices

Question 8
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The following are included in the income statement for merchandising
businesses except:

Select one:

a. Other revenues and gains

b. Net Sales

c. Business name

d. Operating Expenses

Question 9
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 Flag question

Question text
Income statement for merchandising businesses usually have how many
sections?

Select one:

a. 7

b. 5

c. 3

d. 8

Question 10
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It represents the total amount of inventory on hand.

Select one:

a. Net Sales

b. Net cost of goods purchased

c. Merchandise Inventory

d. Beginning Inventory
The following are terms pertaining to Owner's Equity except:

Select one:
a. Net Gross
b. Net Assets
c. Capital

d. Net Worth

We use a multi-step approach in preparing a statement of income for

______________________.

Select one:
a. Both A and C
b. None of the choices
c. Service Business

d. Merchandising Business

BL-FABM-2121-LEC-1922S FUNDA OF
ACCOUNTANCY B&M2

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 BL-FABM-2121-LEC-1922S
 Week 4 and 5: Statement of Comprehensive Income I
 Long Quiz 001

Started on Thursday, 30 January 2020, 7:07 PM

State Finished

Completed on Thursday, 30 January 2020, 7:10 PM

Time taken 3 mins 20 secs

Grade 13.00 out of 20.00 (65%)

Question 1
Correct
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The accounts in the report form of SFP are arranged in a single column wherein
assets are listed first, followed by the liabilities and owner's equity..

Select one:

True

False

Question 2
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Land is a current asset..

Select one:

True

False

Question 3
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All of the following are general and administrative expenses except

Select one:

a. Taxes and business licenses

b. Depreciation expense (office equip)

c. Office salaries

d. Advertising & promotional expenses

Question 4
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Accrual basis of accounting records income when earned regardless of when
cash is received.

Select one:

True

False

Question 5
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Manufacturing business converts raw materials to finished goods.

Select one:

True

False

Question 6
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The financial statement that reports the revenues and expenses for a period of
time such as a year or a month is the ___________.

Select one:

a. Statement of Financial Position

b. Statement of Owner's Equity

c. Income Statement

d. Statement of Cash Flow

Question 7
Correct

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Question text
The owner invests trucksto be used in the business.

Select one:

a. Asset Increase, Equity Increase

b. Asset Decrease, No Effect

c. Owner's (or Stockholders')

d. Liabilities Increase, Equity Increase

e. Equity Decrease, Equity No Effect

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It is a voluntary association of at least 15 persons having a common bond of
interest for the purpose of generating capital from among themselves through a
systematic and continuous savings program in order to grant loans to each
other at reasonable rates of interest.

Select one:

a. cooperative

b. partnership
c. single proprietorship

d. corporation

Question 9
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Wages are considered expenses.

Select one:

True

False

Question 10
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The T-account is the simplest form of account.

Select one:

True

False
Question 11
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Cash and cash equivalents are noncurrent assets..

Select one:

True

False

Question 12
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This type of business is concerned with buying and selling of goods for profit.

Select one:

a. Merchandizing

b. Cooperative

c. Manufacturing

d. Service business
Question 13
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Income from the sale of an equipment of a machine business is considered a
gain.

Select one:

True

False

Question 14
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The following are the advantages of forming a partnership except

Select one:

a. more capital from partners

b. Minimal regulatory requirements than corporation

c. Can exist for a period of 50 yrs

d. Exempt from paying corporate tax

Question 15
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Losses from trading investments of a law firm are not considered expenses.

Select one:

True

False

Question 16
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Transactions which are financial in nature, such as payment and purchases in
cash.

Select one:

a. General Accepted Accounting Principles

b. Government Accounting

c. Financial Character

d. Partnership
Question 17
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Mr. Robie paid his obligation to the supplier.

Select one:

a. Owner's (or Stockholders')

b. Asset Increase, Equity Decrease

c. Asset Increase, Liability Increase

d. Asset Decrease, Liability Decrease

e. Equity Decrease, Liability Increase

Question 18
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Current assets are presented in the SFP as follows:

Select one:

a. Cash, Building, accumulated depreciation, Land

b. Cash, Office Supplies, Building

c. Cash, Accounts Receivable, Prepaid expense

d. Cash, Prepaid expense, Service Truck

Question 19
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This principle requires that "those costs and expenses incurred in earning a
revenue should be recorded and reported in the same period".

Select one:

a. Dual Effect

b. Going Concern

c. Matching Principle

d. Accrual Principle

Question 20
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The business receives cash from a bank loan.
Select one:

a. Asset Increase, Equity Increase

b. Owner's (or Stockholders')

c. Equity Decrease, Equity No Effect

d. Asset Decrease, No Effect

e. Liabilities Increase, Equity Increase

BL-FABM-2121-LEC-1922S FUNDA OF
ACCOUNTANCY B&M2

 Dashboard
 My courses
 BL-FABM-2121-LEC-1922S
 Week 4 and 5: Statement of Comprehensive Income I
 Long Quiz 001

Started on Thursday, 30 January 2020, 7:14 PM

State Finished

Completed on Thursday, 30 January 2020, 7:17 PM

Time taken 2 mins 40 secs

Grade 15.00 out of 20.00 (75%)

Question 1
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 Flag question

Question text
This principle has two aspects, the quantifiability and stability of peso.

Select one:

a. Stable monetary unit

b. Matching

c. Accrual

d. Going concern

Question 2
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The statement of financial position is also known as the Profit and Loss
Statement.

Select one:

True

False

Question 5
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Two or more people join together to contribute money, property or industry for
purposes of dividing the profits (or loss) among themselves.

Select one:

a. Financial Character

b. Government Accounting

c. General Accepted Accounting Principles

d. Partnership

Question 6
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What is the effect on accounting equation of Triple A when it records the
transaction as a debit to Rent Expense for P8,000 and a credit to Accounts
Payable for P8,000?Owner's (or Stockholders')

Select one:

a. Owner's (or Stockholders')

b. Asset Increase, Equity Increase

c. Equity Decrease, Liability Increase

d. Asset Decrease, No Effect

e. Liabilities Increase, Equity Increase

Question 7
Correct

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Accrual basis of accounting recognizes income regardless of when cash is
received.

Select one:

True
 False

Question 8
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Accounting is based on the single-entry bookkeeping.

Select one:

True

False

Question 9
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Going-concern is a concept where accountants assume that the business will
continue to operate for a foreseeable future.

Select one:

True

False

Question 10
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In this concept, accounts assume that the business will continue operating at a
foreseeable future.

Select one:

a. business entity concept

b. cost concept

c. going concern concept

d. reliability or objectivity principle

Question 11
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Residual asset is the result of combining liabilities and equity.

Select one:

True

False

Question 12
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Cash, building, and office supplies are examples of assets.

Select one:

True

False

Question 13
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Long-term debts are noncurrent.

Select one:

True

False

Question 14
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Question text
What type of accounts are Deferred Revenues and Unearned Revenues?

Select one:

a. Asset

b. Equity

c. Liability

d. Revenue

Question 15
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Question 16
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If Revenue is greater expenses, there is a Gain.

Select one:
 True

False

Question 17
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It is the difference between net sales and the cost of goods sold.

Select one:

a. Gross Profit

b. Cost of Goods Available for Sale

c. Net Income

d. Operating Expenses

Question 18
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AICPA means

Select one:
a. American Institute of Certified Public Accountants

b. Corporate code

c. Fiscal year

d. Service business

Question 19
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Asset are resources owned and/or controlled by the enterprise.Asset are
acquired by an enterprise as a result of a past transaction or event.

Select one:

a. Both statements are true

b. The 1st statement is false

c. The 1st statement is true

d. The 2nd statement is false

e. The 2nd statement is true

f. Both statements are false

Question 20
Correct

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 Flag question

Question text
Asset is equal to Liability plus Capital. Liability is equal to Asset minus Capital.

Select one:

a. Both statements are false

b. Both statements are true

c. The 1st statement is false.

d. The 2nd statement is false.

e. The 1st statement is true.

f. The 2nd statement is true.

The income statement format that segregates the operating revenues and
expenses from the non-operating revenues and expenses is the ___________.

Select one:
a. Single-step
b. Dual-step
c. none of the choices

d. Multi-step
What type of accounts are Prepaid Insurance, Prepaid Advertising, and Prepaid
Expenses?

Select one:
a. Liability
b. Revenue
c. Asset

d. Equity
Accounting is the system of measuring business activities of financial character.

Select one:
True

False
What is the effect on Single Lady's accounting equation when it pays the
account to the supplier P22,500? And which accounts are affected?

Select one:
a. Asset Decrease, Liability Decrease
b. Owner's (or Stockholders')
c. Equity Decrease, Equity No Effect
d. Asset Increase, Equity Increase

e. Liabilities Increase, Equity Increase

When the owner makes withdrawal from the business for personal use, only the
asset decreases.

Select one:
True

False
The business bought furniture for office use on account.

Select one:
a. Asset Increase, Liability Increase
b. Owner's (or Stockholders')
c. Asset Decrease, No Effect
d. Asset Increase, Equity Decrease

e. Equity Decrease, Liability Increase

Asset are considered current when it is kept principally for trading. If realization
of the asset is expected to be within twelve months after the date of the SFP, it
is current.

Select one:
a. Both statements are true
b. The 2nd statement is true
c. The 1st statement is false
d. Both statements are false
e. The 2nd statement is false

f. The 1st statement is true

A promissory note issued by the customer is an evidence of the notes receivable
account.

Select one:
True

False

Stockholders are the owners of a corporation.

Select one:
True

False
Salaries are considered income to the business.

Select one:
True

False
Cash, Accounts receivable and Office supplies are examples of current assets.

Select one:
True

False
Ownership of a cooperative is divided into shares of stock.

Select one:
True

False
This concept states that assets and services that are acquired should be
recorded at their actual cost.

Select one:
a. going concern concept
b. cost concept
c. business entity concept

d. reliability or objectivity principle

The combination of Selling Expenses and Administrative Expenses is referred to
as

Select one:
a. Other Expense
b. Operating Expense
c. General Expense

d. Total Expense

Income statement covers a period of time.

Select one:
True

False
A form of business organization which has unlimited liability for any debt of the
business which may extend up to the owner's personal properties.

Select one:
a. Partnership
b. Sole proprietorship
c. Cooperative

d. Corporation
The asset is written first followed by the liabilities and equity in a report form of
SFP. The revenue, cost of goods sold and gross profit is written just like an
account in the ledger in the account form of SFP.

Select one:
a. Both statements are false
b. The 1st statement is false
c. Both statements are true
d. The 1st statement is true
e. The 2nd statement is false

f. The 2nd statement is true

Revenue is synonymous to Gains.

Select one:
True

False
Losses are added to the income statement credit column and the balance sheet
debit column in the worksheet.

Select one:
True

False

All of the following are included in the heading of an income statement except:

Select one:
a. Period of time covered by the statement
b. Year-end date
c. Business name

d. Statement of income
Cash and Accounts Receivable are two examples of accounts that are reported
on the classified balance sheet under the heading __________.

Select one:
a. Current Liability
b. Contra Asset
c. Current Asset

d. Equity
Expense is one of the elements of the Statement of Financial Position.

Select one:
True

False
Businesses usually have three activities: investing, financing, and recording.

Select one:
True

False
Net income is a result of expenses higher than revenues.

Select one:
True

False
Increases in the assets are recorded on the right side of the account.

Select one:
True

False

Examples of this type of business are laundry shops, salons, spas, dress shops,
barber shops, appliance repair shops, vulcanizing shops, computer/internet
shops, printing and photocopying.

Select one:
a. Service business
b. Manufacturing
c. Merchandizing

d. Cooperative
Accrual basis of accounting is a basic accounting principle that states that
income is earned regardless of when cash is received, and expenses are
incurred regardless of when cash is paid

Select one:
True

False
The merchandising business uses the single-step approach in preparing the
statement of income. The merchandising business' income statement is more
complicated that the service business.

Select one:
a. The 1st statement is false. The 2nd statement is true.
b. Both statements are false
c. The 1st statement is true. The 2nd statement is false.

d. Both statements are true

The following are cash flow transactions under the direct method except:

Select one:
a. Cash receipts from customers
b. Depreciation of old building
c. Cash paid to creditors

d. Income taxes paid

These are activities related to the acquisition and disposal of long-term assets,
including investments not considered cash equivalents.

Select one:
a. financing activities
b. investing activities
c. Operating activities

d. Developing activities
To arrive at the net cash from operating activities using the direct method we
add/deduct the following except:

Select one:
a. Cash receipts from customers
b. Cash paid to employees
c. Decrease in inventory

d. Cash paid to suppliers

Which of the following is not a part of the Statement of Changes in Equity?

Select one:
a. Investment
b. Accounts Payable
c. Withdrawal

d. Beginning capital
Financing activities are those which involve changes in the equity and liability
accounts in the accounting records.

Select one:
True
 False

The _____________________is the difference arrived at after deducting withdrawals

from the sum of the beginning capital, additional investments, and profit.

Select one:
a. None of the choices
b. withdrawal
c. Beginning capital

d. Ending capital
It is the common account title in the financial statement.

Select one:
a. Capital
b. Equity
c. Investment

d. Cash
What item do we deduct from the beginning capital of the statement of changes
in equity to arrive at the ending capital?

Select one:
a. Net Profit
b. Withdrawals
c. Investment

d. None of the choices

These are activities which involve changes in the equity and liability accounts in
the accounting records.

Select one:
a. Developing activities
b. investing activities
c. Operating activities

d. financing activities

We use the account title "name of owner, capital" for the equity of the owner or
owners considering what form of business organization?

Select one:
a. None of the choices
b. Sole proprietorship
c. corporation

d. partnership
Among all the activities, only ___________________ have different ways of being
presented.

Select one:
a. None of the choices
b. Operating activities
c. Financing activities

d. Investing activities
Cash paid to employees is considered as ___________________in the cash flow
statement.

Select one:
a. financing activities
b. Developing activities
c. investing activities

d. Operating activities
It details the movement of cash in the business.

Select one:
a. Cash flow statement
b. Statement of Income
c. Statement of Changes in Equity
d. Statement of Financial Position

Sale of equipment is an example of?

Select one:
a. Developing activities
b. investing activities
c. financing activities
d. Operating activities