Funda ABM2

Funda ABM2

by Bernadine Oray

ST​ATEMENT OF FINANCIAL POSITION

​Review on Module 1

Multiple Choice

.A statement of financial position can be best described as a

• Listing of money received and paid during the past year

• Summary of what happened last year

• Summary of all assets, expenses, liabilities, and revenues

• Summary of the position of an organization

Multiple Choice

The Statement of Financial Position equation is:

• A – C = L

• L + C = A

• A – L = C

• all of the choices

Multiple Choice

XYZ Company have non-current assets of P 60,000, current assets of P 70,000, current liabilities of P 40,000, and a long-term loan of P 50,000; as such the owner’s equity will be:

• P 40,000

• P 50,000

• P 60,000

• P 70,000

Multiple Choice

What is a financial statement that shows the financial position of an enterprise at a particular point in time?

• Income Statement

• Balance Sheet

• Cash Flow Statement

• Statement of Changes in Equity

Multiple Choice

A Statement of Financial Position ______.

• Shows the changes of the owners interest

• Reports the assets and claims of an enterprise at a specified moment in time

• Presents revenue and expenses of an enterprise

• Reports the inflow and outflow of cash in an enterprise

Multiple Choice

Which of the following accounts is a current asset?

• Bond Payable

• Property, Plant and Equipment

• Notes payables

• Accounts receivables

Multiple Choice

Which of the following transactions would increase cash as well as non-current liabilities?

• Long-term bank loan

• Purchasing equipment on credit

• Payment to suppliers

• Payment from customers

Multiple Choice

Which form of Statement of Financial Position shows assets on the left side while liabilities and owner's equity on the right side?

• Report Form

• Account Form

• Registration Form

• Application Form

Multiple Choice

In preparing the SFP, which of the following is the first step?

• Classify current and non-current assets

• Classify current and non-current liabilities

• Write the heading of the SFP

• Balance the total assets with the total liabilities and owner's equity

Multiple Choice

Total assets amounted to Php575,000. Total equity amounted to Php 250,000. Accounts Payable amounted to Php 50,000 while Unearned Income totalled Php 85,000. Assuming there are no other current liabilities, compute for the company’s noncurrent liabilities.

• P 185 000

• P 385 000

• P 190 000

• P 960 000

​Answer to Activity 1.1.4

​Presentation of Report Form SFP version 1

​Answer to Activity 1.1.4

​Presentation of Report Form SFP version 2

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