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FABM Week 11 20FABM 121 Week 11-20

English for Academic Professional Purposes (AMA Computer Learning Center)

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DALAWA ANG MALI (18/20) FABM.

1. The period covered by the prepared financial statements:

= D. Cannot be longer than 12 months. Or A. Cannot be
shorter. (Di ko sure.)

2. Which of the following would NOT be a current asset? = Land.

3. Blend Foods purchased a two-year fire and extended coverage

insurance policy on August 1, 2015, and charged the P4,200
premium to Insurance expense. At its December 31, 2015,
year-end, Bland Foods would record which of the following
adjusting entries? = Prepaid insurance 3,325
Insurance expense 3,325

4. Unearned revenues is what type of account? = Liability

5. Posting references indicate: = B. The destinations of the

postings. Or C. Both sources and destinations of the
postings. (Dito ata ako nagkamali.)

6. An item NOT generally classified as a current liability is: =

Accounts payable.

7. The net income of a reporting period is equal to: = Income –

Expenses.

8. Which of the following transactions would increase Cash and

cash equivalents and increase Non-current liabilities? = Bank
loan.

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9. The accounting elements in the balance sheet include: =

Assets, liabilities and equity.
10. The debts which are to be repaid within a short period (year
or less) are known as? = Current liabilities.

11. The assets that can be converted into cash within a short
period (1 year or less) are known as? = Current assets.

12. The long-term assets that have no physical existence but are
right that have value is known as: = Intangible assets.

13. Which trial balance lists all the business accounts before
year-end adjusting journal entries are made. = Unadjusted
trial balance.

14. A transaction is first recorded in a record called? = Journal.

15. Books of accounts include: = Journals and Ledgers.

16. The residual equity over the assets of a business enterprise

is also called. = Net assets.

17. All of these are done in the pre-recording phase of the

accounting cycle, EXCEPT? =Journalizing.

18. The account of a supplier would be found in: = Purchases

ledger.

19. At the end of an accounting period, adjusting journal entries

are made to: = Bring the accounts up to date.

20. A transaction that involves an increase in an asset and

a decrease in a liability would not affect the equality of th e
fundamental accounting equation. = False.

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