STATEMENT OF CHANGES IN EQUITY

It is an artificial being created by the operation of law having the right of succession and the powers, attributes and properties expressly authorized by law or incident to its existence is called ________.

• Corporation

• Partnership

• Sole proprietorship

• Cooperative

It is a business organization formed by 2 or more persons bind themselves together to form a business with the intention of dividing the profits among themselves is called ______.

• Single Proprietorship

• Cooperative

• Corporation

• Partnership

It is reduced due to the withdrawal of owners and losses of the business is called _______.

• Assets

• Liabilities

• Owners' Equity

• Owners' drawing

What do you call the result of operation at a given period of time if the expenses is larger than the total income?

• net loss

• net profit

• retained earnings

• equity

What do you call the account to be deducted from the balance after getting the total of equity beginning, additional investment and Net income at a given period of time?

• drawing account

• net income

• equity

• liability account

The opening balance of equity's account is called _______.

• assets

• cash beginning

• equity beginning

• equity ending

A report that shows the movement in the capital account of the owner is called_____.

• Statement of Cash Flow

• Statement of Changes in Equity

• Statement of Financial Position

• Statement of Comprehensive Income

The account that represents the ending balance at the end of the year's operation is ________.

• equity beginning

• equity ending

• net income

• net loss

The ending capital which will be carried forward to the succeeding year is classified as_______.

• nominal account

• real account

• asset account

• income account

The heading of a Statement of Changes in Equity at the end of the year 2018 comprises the name of the owner/business, requirement or report to be prepared and the date of the statement period should be written as_____________.

• for the month ended, Dec. 31, 2018

• for the year ended, Dec. 31, 2018

• Dec. 31, 2018

• as of Dec. 31, 2018