Statement of Financial Position and Cash Flows

Multiple Choice

The account format lists the assets on the left and the liabilities and owner's equity on the right. The presentation is done horizontally.

• Report Form

• Account Form

• Top-Down Form

• Left-Right Form

Multiple Choice

This form of presentation of the Balance sheet lists the assets, followed by the liabilities then by the owner's equity in a vertical sequence.

• Report Form

• Account Form

• Top-Down Form

• Left-Right Form

Multiple Choice

TRUE OR FALSE: Profit or Loss is recorded in the capital account before the preparation of closing entries

• True

• False

Categorize

Options (10)

Cash in BPI, 100,000

Land, 2000,000

Accounts Receivable, 200,000

Notes Receivable, 50,000

Notes Receivable due on December 31, 2026, 1000,000

Patent, 50,000

Cash in BDO legally restricted for use to settle liabilities until December 31, 2026, 200,000

Prepaid Expenses, 25,000

Trading Securities, 100,000

Long Term Investment, 300,000

We are preparing the Financial Statements for the year ended December 31, 2024. Classify the Account titles provided between current and non-current assets

Current Assets

Non-Current Assets

Categorize

Options (5)

Accounts Payable, 100,000

Notes Payable, 50,000

Loans Payable due on June 30,2025, 50,000

Mortgage Payable, 1000,000

Bonds Payable, 500,000

We are preparing the Financial Statements for the year ended December 31, 2024. Classify the Account titles provided between current and non-current Liabilities

Current Liabilities

Non-Current Liabilities

Fill in the Blanks

4 Pics 1 Word

Fill in the Blanks

4 Pics 1 Word

Fill in the Blanks

4 Pics 1 Word

Multiple Choice

Which of the following statements is INCORRECT?

• An increase in Prepaid insurance will cause cash flows from Operating Activities to increase

• A decrease in accounts payable will cause cash flows from Operating Activities to decrease

• An decrease in income tax payable will cause cash flows from Operating Activities to decrease

• A decrease in Inventories will cause cash flows from Operating Activities to increase

Multiple Choice

The statement of cash flows classifies cash receipts and cash payments into two

categories: operating activities and nonoperating activities.

• True

• False

Multiple Choice

Which of the following statements is CORRECT?

• The proceeds from the sale of land will cause cash flows from investing activities to decrease

• The purchase of a Building with a manager's check will cause cash flows from investing activities to increase

• The cash purchase of shares from PLDT will cause cash flows from investing activities to increase

• The collection of notes receivable will cause cash flows from investing activities to increase

Multiple Choice

Which of the following is not an Investing Activity?

• Purchase of Land

• Collection of Loans Receivable

• Purchase of Bonds from XYZ Corporation

• Issuance of Notes Payable to borrow money

Match

Match the the transaction/s against the type of Activity

• Operating Activities

• Investing

  Activities

• Financing

  Activities

Cash Collection from customers.

Buying bonds as a long term investment.

Borrowing money from the bank.

• Cash Collection from customers.

• Buying bonds as a long term investment.

• Borrowing money from the bank.

Match

Match the the transaction/s against the type of Activity

• Operating Activities

• Investing

  Activities

• Financing

  Activities

Payment of trade payables

Acquisition of Property, Plant, and Equipment

Collection of cash from the sale of common stock

• Payment of trade payables

• Acquisition of Property, Plant, and Equipment

• Collection of cash from the sale of common stock

Match

Match the the transaction/s against the type of Activity

• Operating Activities

• Investing

  Activities

• Financing

  Activities

Purchase of three-month treasury bill

Collection of principal from long term loan to another entity.

Receipt of investment from owner

• Purchase of three-month treasury bill

• Collection of principal from long term loan to another entity.

• Receipt of investment from owner